In recent years, housing supply in Singapore has sharply increased, with around 28,600 new units completed in 2022 and 2023. Government measures in real estate and tightened mortgage policies have eased the upward pressure on property prices, decreasing from 8.6% in 2022 to the projected range of 4% to 5.5%.

This shift signifies the market gradually adapting to new economic realities.

Due to market stability and improved economic conditions, a modest increase in private residential property prices is expected in 2024. Economic growth, driven by the recovery of industries such as tourism and electronics, is anticipated to be between 1% and 3%.

Many economists predict that lower interest rates may further reduce borrowing costs, enhancing people's ability to purchase homes.

Private residential sales are expected to remain robust, with price growth projected to be between 3% and 6%.

In 2024, 31 development projects are set to enter the market, offering over 12,000 new units of private residential properties. Among these, 23 projects will release around 8,800 units, a significant increase compared to 2023.

The luxury residential market in the Core Central Region (CCR) will see a substantial decrease in newly launched properties. However, projects like Marina View Residences, Newport Residences, and Skywaters Residences are expected to attract considerable attention.

Due to reduced supply, prices in the suburban second-hand property market are likely to gradually rise. While over 19,000 private properties are expected to be completed in 2023, the completion quantity is set to decrease by nearly half in 2024, to less than ten thousand units.

This decrease, especially in the suburbs, may exert upward pressure on second-hand property prices, with an expected increase ranging between 3% and 5%.

In 2024, the rental market may still experience sluggishness. Between 2022 and 2024, nearly 16,000 new units are expected to be completed, bringing new dynamics to the market, particularly in urban fringe and suburban areas.

For the luxury apartment market, overall rental growth is anticipated to slow down compared to the peak growth of 29.7% in 2022.