The Singapore residential property market witnessed a remarkable surge in Q4 2024, with new sales in the primary market tripling both quarter-on-quarter and year-on-year, according to Savills Research.
This surge was largely attributed to an increase in the number of launched units and declining interest rates, which encouraged local homebuyers to enter the market.
In Q4 2024, new sales across all three market segments saw substantial growth. The Rest of Central Region (RCR) experienced the most significant increase, with sales soaring from 391 units in Q3 to 1,859 units. The Core Central Region (CCR) rebounded from six consecutive quarters of decline, more than doubling its sales from 54 to 137 units. Meanwhile, the Outside of Central Region (OCR) nearly doubled its sales from 715 to 1,424 units.
Despite a 4.7% quarter-on-quarter decline in secondary sales in Q4, the overall secondary market still saw a 22.6% year-on-year increase, marking a recovery after two years of decline. The OCR recorded the largest year-on-year growth in secondary sales at 24.3%.
George Tan, Managing Director of Livethere Residential at Savills Singapore, noted the positive momentum in the market, driven by new launches and improved buyer sentiment. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, highlighted the narrowing price gap between public flats and private properties, suggesting it could further drive demand for private housing in 2025.
Looking ahead, the market’s performance in 2025 will depend on potential cooling measures and their timing. If implemented early, these measures could temper price increases by year-end.
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