In 1Q 2024, the transaction volume of HDB resale flats was 7,068, 8.0% higher quarter-on-quarter (QoQ) and 1.3% higher year-on-year (YoY). This is the highest 1Q volume since 2021.
On the demand side, the first wave of ex-private property owners (PPO) who were waiting out the 15 months’ period to buy a 5-room or larger flat entered the market in January 2024. Some of the ex-PPO may have bought smaller flats instead of waiting out the 15 months. On the supply front, there was more supply of HDB resale flats put up for sale in 1Q 2024, some of these coming those that reached their 5-year MOP in 2022, 2023 and 2024.
The top 5 most popular HDB towns among buyers in 1Q 2024 are Jurong West, Punggol, Sengkang, Woodlands and Yishun. The number of million-dollar flats continued to reach new highs too. HDB resale flat transactions are estimated to be between 25,000 to 27,000 while resale flat prices are likely to consolidate in the range of 3% to 5% this year.
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