15/02/2024
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HDB Resale Trends Q2023
Outlook for 2024.
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In the upcoming year, sellers will encounter intense competition, with the government planning to launch an additional 37,000 flats.
This influx could redirect demand from the resale market, despite the current competition from over 63,000 Build-To-Order (BTO) flats launched between 2021 and 2023. Nevertheless, a notable drop in resale prices appears unlikely, given the scarcity of Minimum Occupation Period (MOP) flats.
The number of flats reaching their five-year MOP decreased from 30,920 units in 2022 to 15,549 units in 2023, with a projected further decrease to 11,952 units in 2024, resulting in fewer flats available for resale.
However, the increased BTO supply aims to address the supply-demand imbalance, curbing further escalation of resale prices and ensuring better price stability in the long term.
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Based on estimations, resale prices are expected to rise moderately by 3 to 5 percent throughout 2024, comparable to or slightly lower than the 4.8 percent increase witnessed in 2023.
