Introduction
The real estate market in Singapore has seen a significant uptick in the fourth quarter of 2023, with private home prices increasing by 2.7 percent. This growth is expected to continue into 2024, potentially leading to a robust market. In this article, we will explore the factors driving the positive gains in Q4 2023 and how they will impact the market in the coming year.
Q4 2023 Overall PTE Property Price Index (Flash)
The URA Private Property Price Index (PPI) saw a 2.7 percent increase in the fourth quarter of 2023. This growth was driven by the landed segment and non-landed homes in the Central Region (CCR), which reversed a 3.6 percent and 2.7 percent decline respectively from the third quarter. Non-landed On-City-Region (OCR) homes also outperformed other regions, with an increment of 4.6 percent.
Top-Selling New Private Homes in Q4 2023
Two projects were particularly successful in Q4 2023, contributing to the overall positive results. Watten House, located in the CCR, sold 114 units at an average price of $3,209 per square foot (psf). J'Den, situated in the OCR, moved 327 units at an average price of $2,475 psf. These two projects accounted for almost half the sales in their respective regions.
Top-selling new private homes in Q4 2023 (excluding EC)
Watten House (CCR): 114 units sold at $3,209 psf
Lentor Hills Residences (OCR): 132 units sold at $2,123 psf
J'Den (OCR): 327 units sold at $2,475 psf
Hilllock Green (OCR): 114 units sold at $2,116 psf
What Does the PPI Increase by 2.7% QOQ Mean?
The 2.7 percent quarter-on-quarter (QOQ) increase in the PPI indicates a significant growth in private home prices. This growth is driven by the landed segment and non-landed homes in the CCR and OCR regions. The success of specific projects, such as Watten House and J'Den, further highlights the strong demand for private homes in these areas.
The positive results in Q4 2023 suggest that the Singapore real estate market is on a strong footing, with the potential for continued growth in 2024. This growth is expected to be driven by factors such as low-interest rates, a strong economy, and a limited supply of properties.
What Does the 2024 Singapore Real Estate Market Look Like?
The Singapore real estate market in 2024 is expected to be robust, with continued growth in private home prices. The success of specific projects in Q4 2023, such as Watten House and J'Den, indicates strong demand for private homes in the CCR and OCR regions. This demand is expected to continue into 2024, driving further growth in the market.
The positive results in Q4 2023 are also indicative of a recovering market after a period of decline. The 2.7 percent QOQ increase in the PPI is a significant improvement from the previous quarters, suggesting that the market is moving in the right direction.
Conclusion
The positive gains in Q4 2023 are expected to have a significant impact on the Singapore real estate market in 2024. The success of specific projects, such as Watten House and J'Den, indicates strong demand for private homes in the CCR and OCR regions. This demand is expected to continue into 2024, driving further growth in the market.
The 2.7 percent QOQ increase in the PPI is a significant improvement from the previous quarters, suggesting that the market is moving in the right direction. The Singapore real estate market in 2024 is expected to be robust, with continued growth in private home prices.
For more information on the Singapore real estate market and how it will evolve in 2024, please visit https://enpropertied.com/151330/mt-How-will-the-positive-gains-in-Q4-2023-shake-the-market-in-2024---Hillock-Green-20240404013058936-.
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