Robust new sales in Q4/2024 brought about a strong end to the year. The total transaction volume saw a 15.3% improvement in 2024.
New launches rose for a second consecutive quarter from 1,284 units in Q3/2024 to 3,425 units in Q4/2024. Hence new sales sprung to life, and almost tripled on a quarter-onquarter (QoQ) and year-on-year (YoY) basis to 3,420 units in Q4/2024. Nevertheless, for the full year, new sales inched up marginally by 0.7%.
Secondary sales contracted by 4.7% QoQ to 4,013 units in Q4/2024, which may be due to more homebuyers gravitating to the primary market. However, on a YoY basis, secondary sales still recorded increases. For 2024, secondary sales rose 22.6% YoY to 15,481 units, after two consecutive years of falls.
Growth in total non-landed homes was evident across homebuyers of all residency status: Singaporeans and foreigners. Nevertheless, the impact of the cooling measures was still visible for foreigners, as foreign purchases more than halved in 2024.
Following a slight dip of 0.7% in Q3, prices of private residential properties rebounded with a QoQ increase of 2.3% in Q4/2024. As such, prices of all residential properties continued to rise by 3.9% in 2024.