by OrangeTee & Tie Pte Ltd.

OrangeTee | Comments on URA flash estimates for Q1 2024

URA Quarterly Data

Press Release

01 Apr 2024

URA has just released the Q1 2024 real estate statistics. 



Private home prices grew at a slower pace in the first quarter of 2024, according to flash estimates released by the Urban Redevelopment Authority (URA). The URA property price index (PPI) rose by 1.5 per cent in Q1 2024, easing from the 2.8 per cent growth in Q4 2023.

Prices of non-landed properties – or condos and apartments – climbed by 1 per cent in the first quarter, down from the 2.3 per cent gains in Q4 2023. Landed prices rose by 3.4 per cent in the first quarter, slower than the 4.6 per cent growth in the preceding quarter.

Last quarter, the proportion of new home sales (excluding executive condominiums or EC), went up from 25.4 per cent in Q4 2023 to 31 per cent in Q1 2024. On the other hand, resales decreased slightly from 65.5 per cent to 62.3 per cent. Therefore, price growth was still positive last quarter since new homes are usually priced higher than resale. However, the quarterly gains were not significant as both OCR and RCR increased by less than 1 per cent last quarter. 

We expect prices to grow at a steady rate at around 3 to 6 per cent this year. New home demand may remain resilient as more projects are slated for launch in Q2. It is anticipated that between six and nine large projects, each with over 500 unit, could be launched this year. This may result in sales exceeding 1,000 units for certain months. In comparison, four large projects (excluding EC) were launched in 2021, one in 2022 and six in 2023.

If interest rates moderate in the upcoming months, buying sentiment may pick up in the second half of this year. As mortgages become more affordable and financial costs improve, home buyers may feel more motivated to purchase or upgrade their homes. The impact may be more noticeable for resale homes as a change in mortgage interest rate has an immediate effect on loan repayment since the monthly repayment starts almost immediately after the sales completion.

To read full article: click here

For more news, research and information, 
OrangeTee Group
OrangeTee Advisory Pte Ltd (Company Reg. No.: 201714596E | Licence No.: L3010781J)
OrangeTee & Tie Pte Ltd (Company Reg. No.: 199206764K | Licence No.: L3009250K)
OrangeTee International Pte Ltd (Company Reg. No.: 201024069Z | Licence No.: L3010742Z)

© 2024 - All Rights Reserved to OrangeTee & Tie Pte Ltd