by OrangeTee & Tie Pte Ltd.

OrangeTee | Comments on HDB Q1 2024 Public Housing Data

HDB Quarterly Data

Press Release

26 Apr 2024

HDB has just released the Q1 2024 public housing data.


HDB Resale Price Index

HDB resale prices rose at a faster pace, as demand strengthened in the first quarter of this year. According to data released by the Housing Development Board (HDB), resale prices rose by 1.8 per cent for the 16th consecutive quarter, compared to 1.1 per cent in the previous quarter (Q4 2023). Prices grew by 5.8 per cent compared to the same period last year.

There has been a surge in demand for resale flats as more first-time buyers chose to purchase flats from the secondary market instead of waiting for the BTO sales launches since HDB reduced the number of sales launches per year. In addition, an increasing number of private property owners have now completed the mandatory 15-month wait-out period implemented in September 2022 for those looking to downgrade to a resale flat. This could have led to a surge in flat demand.

Resale Volume

The number of HDB resale flats sold in the first quarter of this year increased moderately on a year-on-year basis. According to HDB data, the resale volume grew 8.0 per cent from 6,547 units in Q4 2023 to 7,068 units in Q1 2024. This is the fastest quarterly increase since Q3 2022 at 10.7 per cent. This is also the highest Q1 sales growth recorded since data was available from Q2 2007. The increase in sales could be attributed to more first-time buyers moving into the HDB resale market since the number of BTO launches has decreased per year. Further, more private homeowners were downgraded to HDB flats, pushing up demand for big flats.


According to HDB public housing data for Q1 2024, the approved applications to rent out HDB flats dipped by 4 per cent from 9,787 units in Q4 2023 to 9,398 units in Q4 2023.

Rental volume has dipped for a second consecutive quarter which is unsurprising as demand usually slows at the end of the year and beginning of a new year. Moreover, supply has been dwindling since the number of flats that reached MOP dropped last year and is projected to fall further this year. Moreover, rental inventory may have shrunk since the rise in the ABSD for buyers holding multiple properties has discouraged homeowners from keeping their flats for rental income. 

Moving forward, demand may shrink as some tenants may shift to the private market since private rents have been moderating over the past six months. Rental price growth is projected to hold steady or dip by up to 3 per cent this year.  


Demand from first-time homebuyers and private homeowners who are downsizing from private properties may continue to prop up prices of HDB resale flats. Demand for resale flats, particularly in popular locations, such as mature estates or near amenities like schools, public transportation, and shopping malls remains strong.

Moreover, the limited supply of flats in some locations is likely to keep prices stable or even trend higher in the upcoming years. For example, the number of flats that have reached their five-year Minimum Occupation Period (MOP) has decreased from 30,920 units in 2022 to 15,549 units in 2023. It is projected to drop further in 2024 to 11,952 units, which means that there will be fewer flats available for resale. 

However, competition in the housing market may increase in the latter half of this year with the launch of the new Plus flats by the government. Although these flats come with stricter buying and selling restrictions and a longer minimum occupation period of ten years, their good location may attract some first-time buyers.

Taking various factors into consideration, it is expected that resale prices may rise moderately by up to 5 per cent in 2024. This increase is comparable to, or slightly lower than, the 4.9 per cent growth observed in 2023.

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