Singapore Property Market Report Q1 2024

PropertyGuru Editorial Team
Singapore Property Market Report Q1 2024
The Singapore residential market appeared to be entering a phase of stability, with both demand and asking prices in the Q1 2024 maintaining similar levels to those observed in Q4 2023. From Q3 2023 to Q1 2024, demand has fluctuated within a narrow range, while the median asking prices experienced a year-on-year (YoY) increase of 1.0% in Q1 2024.
The rental market, however, showed signs of cooling in Q1 2024. Asking rents decreased in response to falling demand. The introduction of additional listings is expected to exert further downward pressure on rents.
Considering the uncertain global environment, property seekers in Q2 2024 are likely to adopt a more cautious approach. Consequently, we anticipate that performance will vary significantly across different property types and locations.


  1. Get the GuruView
  2. Singapore Property Sale Market Index Q1 2024
  3. Singapore Property Rental Market Index Q1 2024
  4. Conclusion

Get the Guru View: Key Findings of the Singapore Property Market Report Q1 2024

Macro Trends Observed in Q1 2024

Singapore’s economic fundamentals remained fairly robust. On 15 February 2024, the Ministry of Trade and Industry of Singapore (MTI) projected Singapore’s economy to expand by 1.0% to 3.0% in 2024, following its growth of 1.1% in 2023. Additionally, the unemployment rate in February 2024 had stayed at 2.0%, at the same level as in January 2024 and December 2023.
The cost of financing property has stayed the same. The Monetary Authority of Singapore (MAS) maintained the prevailing rate of appreciation of the S$NEER policy band, and there would be no change to its width or the level at which it is centred. The US Federal Reserve also opted to keep the interest rates steady at 5.25% to 5.50% after its 31 January and 15 March 2024 meetings.
With the lack of major shocks, the market is settling to a new equilibrium. The government also finetuned some of its policies during the Singapore Budget 2024 statement to help homeowners. For instance, the government revised the property tax annual value bands to help homeowners and provide support for married couples with urgent housing needs while waiting for their BTO flats to be completed.
The government also offered Additional Buyer’s Stamp Duty (ABSD) concessions for single seniors right sizing lower-value private properties. However, this policy finetuning would unlikely shift the needle much, as the segment impacted is small.

Singapore Property Sale Market Index Q1 2024

In the first quarter of 2024, the Singapore Property Sale Demand Index for Residential Homes saw a moderate increase of 2.9% . The Singapore Property Demand Index has remained stable over the past three quarters, from Q3 2023 to Q1 2024, notwithstanding minor fluctuations. However, in Q1 2024, it was 17.1% lower compared to Q1 2023.
Simultaneously, the Singapore Property Sale Supply Index witnessed a rebound of 5.6% in Q1 2024, recovering from a dip in Q4 2023, attributed to the festive season and school holidays. From a YoY perspective, the Singapore Property Sale Supply Index has largely remained unchanged since Q1 2023.
With supply and demand conditions maintaining relative stability, the Singapore Property Sale Price Index experienced a moderate increase of 2.1% QoQ. This increase was particularly supported by the HDB resale market, which saw a more pronounced 6.4% decrease in HDB resale listings compared to 2.5% decrease in interest in HDB resale flats.
Looking forward, we anticipate the continuation of the high-price, low-demand scenario, as potential sellers show no urgent inclination to sell. Transaction volumes in 2024 are expected to align with 2023 levels, or potentially end up lower, depending on movements in interest rates and reactions to global geopolitical conditions.

Singapore Property Rental Market Index Q1 2024

In Q1 2024, the rental market exhibited continued signs of cooling, as evidenced by a fourth consecutive quarterly decline in the Singapore Property Rental Price Index, which serves as a proxy for median asking rents. A principal factor contributing to the decline in the Singapore Property Rental Price Index was diminished demand. Specifically, it saw a significant decrease of 13.5% in Q1 2024.
This reduction in demand can be partially attributed to a decreased interest from local renters in Singapore. Contributing to this shift were the completions of both private and public housing projects that had been delayed due to COVID-19, alleviating rental demand pressures and introducing new supply into the market. Notably, the completion of 21,284 new private homes, including Executive Condominiums (EC) in 2023, exerted additional downward pressure on rental prices. The year 2023 marked the highest number of completions since 2016, underscoring the substantial increase in available housing.
Despite an increase in the number of Work Permits issued in 2023 – to 1,113,000, up from 1,033,500 in 2022 – the influx of foreign workers into Singapore looking for rental homes was insufficient to counterbalance the diminished demand from Singaporean renters. This dynamic suggests that the increased labour force entry could not fully mitigate the impact of reduced local demand on the rental market.


The Singapore residential market is poised to maintain stability in 2024, despite the uncertain economic landscape. This stability is observed even amid significant downside risks, including escalating geopolitical tensions, a weakening Chinese economy, and potential cost increases due to climate change. However, the outlook is not devoid of potential upsides.
As detailed in the monetary policy statement by the MAS, there is an anticipation of a rebound in global final demand later in the year. This optimism is founded on expectations of sustained private consumption expenditure, fuelled by lower inflation, and a shift towards more supportive monetary policy settings in major economies.
Moreover, the market has demonstrated resilience, with certain segments outperforming expectations. Notably, Q1 2024 witnessed the sale of 185 HDB flats priced at $1 million and above, marking another historic peak. These transactions underscore the existence of niche segments within the market, catering to property seekers who prioritise value and space.

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