SINGAPORE: In the first quarter of 2024, the price of resale Housing and Development Board (HDB) apartments increased by 1.8%, which was a higher growth than the 1.1% observed in the previous quarter.
According to figures provided by HDB on Friday, the Resale Price Index (RPI) for the first quarter of 2024 is 183.7, up from 180.4 in the previous quarter.
Resale transactions also increased in the first quarter of this year, up 8% from the fourth quarter of 2023. This is the fastest quarterly gain in more than a year.
In the first quarter of 2024, resale sales increased 1.3% over the previous year. As HDB resale prices increased by 4.9% in 2023—less than half of the 10.4% increase in 2022 and the 12.7% increase in 2021—the HDB resale market appears to be stabilizing overall, according to a press statement from the Housing Board.
On the other hand, it cautioned potential apartment purchasers. The economic outlook is subject to uncertainties, mainly from ongoing geopolitical conflicts, which could precipitate negative global supply and demand shocks,” HDB said. Domestic mortgage rates are expected to remain elevated relative to the low levels seen over the past decade.
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