Release of 2Q 2024 real estate statistics

1. The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2024.

PRIVATE RESIDENTIAL PROPERTIES

Private residential market at a glance:

Prices and Rentals

2. Prices of private residential properties increased by 0.9% in 2nd Quarter 2024, compared with the 1.4% increase in the previous quarter.

Property Price Index of private residential properties

3. Prices of landed properties increased by 1.9% in 2nd Quarter 2024, a moderation from the 2.6% increase in the previous quarter. Prices of non-landed properties increased by 0.6% in 2nd Quarter 2024, compared with the 1.0% increase in the previous quarter.

4. Prices of non-landed properties in Core Central Region (CCR) decreased by 0.3% in 2nd Quarter 2024, compared with the 3.4% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 1.6% in 2nd Quarter 2024, compared with the 0.3% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 0.2% in 2nd Quarter 2024, same as that in the previous quarter (see Annex A-1¹).

5. Rentals of private residential properties decreased by 0.8% in 2nd Quarter 2024, following the 1.9% decrease in the previous quarter.

Rental Index of private residential properties

6. Rentals of non-landed properties decreased by 0.8% in 2nd Quarter 2024, following the 1.6% decrease in the previous quarter. Rentals of landed properties decreased by 0.9% in 2nd Quarter 2024, compared with the 4.2% decrease in the previous quarter.

7. Rentals of non-landed properties in CCR decreased by 0.1% in 2nd Quarter 2024, compared with the 1.6% decrease in the previous quarter. Rentals in RCR decreased by 1.4% in 2nd Quarter 2024, compared with the 1.9% decrease in the previous quarter. Rentals in OCR decreased by 1.3% in 2nd Quarter 2024, compared with the 1.4% decrease in the previous quarter (see Annex A-2).

Launches and Take-up

8. Developers launched 634 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2024, compared with the 1,304 units in the previous quarter (see Annex C).

9. Developers sold 725 private residential units (excluding ECs) in 2nd Quarter 2024, compared with the 1,164 units sold in the previous quarter (see Annex D).

Number of private housing units launched and sold by developers (excluding ECs)

10. Developers did not launch any EC units for sale in 2nd Quarter 2024 and sold 146 EC units in the quarter (see Annex F). In comparison, developers launched 512 EC units for sale and sold 449 EC units in the previous quarter.

Resales and Sub-sales

11. There were 3,802 resale transactions in 2nd Quarter 2024, compared with the 2,689 units transacted in the previous quarter. Resale transactions accounted for 77.4% of all sale transactions in 2nd Quarter 2024, compared with 63.6% in the previous quarter (see Annex D).

12. There were 388 sub-sale transactions in 2nd Quarter 2024, compared with the 377 transactions in the previous quarter. Sub-sales accounted for 7.9% of all sale transactions in 2nd Quarter 2024, compared with 8.9% in the previous quarter (See Annex D).

Number of resale and sub-sale transactions for private residential units (excluding ECs)

Supply Completions

13. A total of 3,339 private residential units (including ECs) were completed in 2nd Quarter 2024. Projects completed in the quarter include Clavon (640 units), Hyll On Holland (319 units) and Midtown Bay (219 units) (See Annexes E-4 & E-5).

Supply in the Pipeline

14. As at the end of 2nd Quarter 2024, there was a total supply of 37,768 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 20,566 units remained unsold (see Annexes E-1, E-2², B-1 & B-2). After adding the supply of 4,713 EC units in the pipeline, there were 42,481 units (including ECs) in the pipeline with planning approvals, of which 22,099 units remained unsold, compared to 21,562 units in the previous quarter (see Annex E-3).

15. Based on the expected completion dates reported by developers, 7,675 units (including ECs) will be completed in the second half of 2024, bringing the total supply completions for the whole of 2024 to around 11,300 units. A further 26,801 units (including ECs) are expected to be completed between 2025 and 2027, which will help to cater to housing needs in the immediate few years ahead. More supply amounting to about 23,100 units are expected to be completed in 2028 and beyond to cater to demand in the medium term. All in all, there are a total of about 57,500 private housing units in the supply pipeline to cater to the housing needs of the population.

Total number of unsold private residential units in the pipeline

16. Adding the supply of unsold units (including ECs) in the supply pipeline with planning approval, and those that have not been granted planning approval yet, around 37,160 units (including ECs) could be made available for sale later this year or next year. This includes the supply of about 11,110 private housing units via the GLS Programme in 2024, which is the highest in a single year since 2013. The Government will continue to calibrate housing supply to cater to demand so as to promote a stable and sustainable property market.

Pipeline supply of private residential units and ECs by expected year of completion

Stock and Vacancy

17. The stock of completed private residential units (excluding ECs) increased by 1,602 units in 2nd Quarter 2024, compared with the decrease of 188 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,162 units in 2nd Quarter 2024, compared with the increase of 5,423 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.1% as at the end of 2nd Quarter 2024, from 6.8% in the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)

18. Vacancy rates of completed private residential properties as at the end of 2nd Quarter 2024 in CCR, RCR and OCR were 9.3%, 5.8% and 4.9% respectively, compared with the 8.9%, 6.6% and 6.0% in the previous quarter.

OFFICE SPACE

Office market at a glance:

Prices and Rentals

19. Prices of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.2% decrease in the previous quarter (see Annex A-1). Rentals of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.7% decrease in the previous quarter (see Annexes A-2 & A-3).

Property Price Index of office space in Central Region

Rental Index of office space in Central Region

Supply in the Pipeline

20. As at the end of 2nd Quarter 2024, there was a total supply of about 1,011,000 sq m GFA of office space in the pipeline, compared with the 1,125,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of office space

Stock and Vacancy

21. The amount of occupied office space decreased by 20,000 sq m (nett) in 2nd Quarter 2024, compared with the decrease of 9,000 sq m (nett) in the previous quarter. The stock of office space increased by 87,000 sq m (nett) in 2nd Quarter 2024, compared with the decrease of 41,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 10.8% as at the end of 2nd Quarter 2024, from 9.6% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of office space

RETAIL SPACE

Retail market at a glance:

Prices and Rentals

22. Prices of retail space decreased by 1.2% in 2nd Quarter 2024, compared with the 1.8% increase in the previous quarter (see Annex A-1). Rentals of retail space remained the same in 2nd Quarter 2024, following the 0.4% decrease in the previous quarter (see Annexes A-2 & A-3).

Property Price Index of retail space in Central Region

Rental Index of retail space in Central Region

Supply in the Pipeline

23. As at the end of 2nd Quarter 2024, there was a total supply of about 580,000 sq m GFA of retail space in the pipeline, compared with the 610,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of retail space

Stock and Vacancy

24. The amount of occupied retail space increased by 46,000 sq m (nett) in 2nd Quarter 2024, compared with the increase of 8,000 sq m (nett) in the previous quarter. The stock of retail space increased by 43,000 sq m (nett) in 2nd Quarter 2024, compared with the increase of 19,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 6.6% as at the end of 2nd Quarter 2024, from 6.7% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of retail space

URA'S REAL ESTATE INFORMATION SERVICE

25. Real estate information, such as time series statistics, are available on the URA website. Visit www.ura.gov.sg/property-market-information/pmiResidentialTimeseries for time series statistics on private residential properties and www.ura.gov.sg/property-market-information/pmiCommercialTimeseries for time series statistics on commercial properties.

26. Detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS) at https://www.ura.gov.sg/realis. A subscription is required to access REALIS.
27. The figures in this release are accurate as of 26 July 2024. Please visit the URA website or REALIS for the most updated figures.

SUMMARY OF KEY INFORMATION FOR 2ND QUARTER 2024

Annex	Title
Annex A-1 [PDF, 27kb]	Comparison of Property Price Index for 1st Quarter 2024 and 2nd Quarter 2024
Annex A-2 [PDF, 27kb]	Comparison of Rental Index for 1st Quarter 2024 and 2nd Quarter 2024
Annex A-3 [PDF, 92kb]	Median Rentals and Vacancy of Office and Retail Space
Annex B-1 [PDF, 26kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2 [PDF, 30kb]	Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C [PDF, 30kb]	Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex D [PDF, 95kb]	Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1 [PDF, 78kb]	Stock & Vacancy and Supply in the Pipeline as at End of 2nd Quarter 2024
Annex E-2 [PDF, 85kb]	Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 2nd Quarter 2024
Annex E-3 [PDF, 49kb]	Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 2nd Quarter 2024
Annex E-4 [PDF, 28kb]	Number of Private Residential Units and Executive Condominiums Completed in the Quarter
Annex E-5 [PDF, 62kb]	Private Residential and Executive Condominium Projects Completed in 2024
Annex F [PDF, 89kb]	Number of Executive Condominium Units Launched and Sold in the Quarter

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