Moreover, apart from the reduced frequency of BTO sales, the supply of BTO units offered this year has also decreased, intensifying competition among buyers and prompting more individuals to turn to the resale market.

Furthermore, despite changes in the market conditions, the ongoing demand from couples and families for immediate housing solutions continues to drive market development, contributing to increased flexibility in the resale market as buyers actively seek properties that meet their specific needs.

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Analysts hold cautious optimism regarding future market trends. They believe that, influenced by various economic factors, the price growth in the HDB resale market in 2024 will be more moderate. Firstly, an expected increase in interest rates is anticipated to restrain price growth in the HDB resale market. Higher borrowing costs may deter some buyers from entering the market or limit their purchasing power, thereby exerting downward pressure on prices.

Secondly, the higher costs associated with the replacement of homes, including building materials and labor, may affect price growth in the resale market. Sellers may adjust their pricing expectations to reflect the increased cost of purchasing new properties, thus contributing to a more moderate outlook for price growth.