The Singapore housing market is dynamic, offering homes for all kinds of budgets and needs. The average price for a home here is now around SGD 4.19 million. This is a big amount for buyers and investors. HDB flats are the most budget-friendly, with an average cost of SGD 597,297. Private condos cost about SGD 1,945,523 on average. Meanwhile, landed homes can be much pricier, going over SGD 5,371,943.
Prices vary a lot depending on where the property is, what kind it is, and how much people want it. Things like inflation and how the economy is recovering from the pandemic also affect prices. If you want to understand this better, there’s detailed info here1.
Key Takeaways
- The average home price in Singapore is SGD 4.19 million as of 2024.
- HDB flats are the most affordable option, averaging SGD 597,297.
- Private condominiums and landed properties show considerable price discrepancies.
- Location and market demand significantly impact property prices in Singapore.
- The economic environment is influencing current housing trends and prices.
Contact us if you are Interested in Buying Property Abroad!
Overview of the Singapore Housing Market
The Singapore housing scene is unique, mixing public and private homes for different people. About 80% are HDB flats – affordable homes essential for most residents. Private condos make up 20%, drawing in those with higher incomes and foreigners2. These types of housing in Singapore show the government’s aim to make sure everyone can own a home. This is why 91% of people own their homes2.
Types of Housing in Singapore
The primary categories within the Singapore housing market include:
- HDB Flats: Publicly developed housing offering varying sizes and amenities, catering to the majority of the population.
- Private Condominiums: Residential units with more luxurious features, permitted for purchase by foreign nationals.
- Landed Properties: Among the most exclusive types of housing, ideal for affluent residents seeking spacious living arrangements.
Current Trends in the Housing Market
Recent movements show the housing market’s strong reaction to economic changes like inflation and a GDP growth of around 3.5% yearly. House prices are rising nearly 10% each year, highlighting a robust recovery from the pandemic’s slowdown3. Also, more high-value HDB flats are being sold, with 419 reaching over SGD 1 million in the 2024’s first half3. This is energizing the housing scene, especially in sought-after places like Orchard Road, Marina Bay, and the CBD for rentals3.
Average Prices of HDB Flats
HDB flats are key to affordable living in Singapore. Their resale prices have seen a significant rise by 2024. The new average price is SGD 597,297. This increase shows how property prices in Singapore are climbing. It’s influenced by policy changes and housing grants boosting demand.
Price Breakdown by Flat Type
The cost of HDB flats changes based on the type. Each type has a different average price:
| Flat Type | Average Price (SGD) |
|---|---|
| 2-room | 333,057 |
| 3-room | 427,972 |
| 4-room | 609,469 |
| 5-room | 713,925 |
The average price per square foot is around SGD 582.04. Prices rise significantly in sought-after areas, with some reaching over SGD 1 million. In 2024, 236 flats sold for more than this amount. This marks a trend toward high-value sales, making up 3% of all deals. Such stats were notable in market statistics for HDB flats4 and5.
Current Market Statistics for HDB Flats
The HDB resale market did well in early 2024, with 13,845 homes sold. This indicates a strong demand. Resale prices went up by 2.1% in the second quarter, growing for the 17th time since Q2 20204. The median price for three-room flats reached SGD 410,000. This shows an increase from the previous year. There’s a clear move toward more expensive flats, signaling a shift to premium homes.
Contact us if you are Interested in Buying Property Abroad!
Average Prices of Private Condominiums
The Singapore housing market is rich in choices for private condos, showing big price differences across regions. It’s key for buyers to know these differences as they explore the market.
Regional Pricing Analysis
In Singapore, the average cost of private condos is SGD 1,945,523. This price can vary a lot by region. For example, in the Core Central Region, prices jump to SGD 3,012,412. But, in the Outer Central Region, they fall to SGD 1,600,7626.
The reasons for these price changes include how desirable the location is, what amenities are on offer, and market demand. The average price per square meter for private homes is US$11,749. In Hong Kong, this price is even higher, over US$18,0007. This information helps buyers figure out where the best value is in the market.
Key Factors Influencing Condo Prices
Many things affect condo prices in Singapore. Amenities and being close to big transport hubs usually push prices up. Condos near the city center are pricier. They offer easier access and help save on travel costs and time6.
In the first half of 2024, 7,633 condos were sold. This shows the market is strong, even with economic pressures7. New launches are sometimes priced lower as promotions. Later, prices may rise as they offer modern features and draw more interest8.
How people view the developer and current government policies also play a big role in setting prices.
Average Prices of Landed Properties
Landed properties are top-tier in Singapore’s housing market. On average, they cost about SGD 5,371,943. These homes are sought after by wealthy buyers who want exclusivity and a safe investment. The market overview of landed properties shows that terrace houses averaged SGD 3.9 million in the first half of 2024. Detached houses, on the other hand, reached around SGD 11 million. This shows a big difference in prices among the types.
Properties in the Core Central Region were about SGD 9,838,413 on average. This shows how much people want to be in prime locations. Even with high prices, there were 821 sales of landed properties. This shows that the market is strong, even when the economy is not9.
Market Overview for Landed Properties
The landed property market has been growing consistently. It’s seen a 5% to 7% increase in value each year for the last decade. Places like Orchard Road and Sentosa Cove have seen even higher increases. They have great amenities that people love10.
About 73,000 landed homes make up 19% of Singapore’s private housing. This highlights their importance. With more people wanting these homes than there are available, their value keeps going up. This makes landed properties a good choice for investment. Projects like the Cross Island Line are making these areas even more appealing. Knowing the market can help buyers and investors make the most of their money910.
Price Comparisons in the Singapore Housing Market
In Singapore’s housing market, comparing prices can show big differences between property types. For example, HDB flats are much cheaper, costing about SGD 6,265 for each square meter. In contrast, private condos are priced at SGD 20,244 per square meter. Then, there are landed properties at SGD 19,200 per square meter11.This difference shows what people can afford and prefer between HDBs, condos, and landed homes.
Comparing HDB, Condos, and Landed Properties
Recent numbers show HDB flats are still the affordable choice for most. However, more people are eyeing the pricier private market. Price gaps come from differences in location, features, and demand. In 2023, resale prices for public homes went up by 4.8%12. Private homes saw a bigger increase of 6.8%. This shows strong interest in the more expensive market areas.
Understanding Price Per Square Meter (PSM) Variations
Knowing about PSM variations helps buyers navigate the housing scene. HDB flats offer the most savings. Yet, buyers also consider condos and landed homes for their top-notch qualities and spots11. These factors make their prices higher. Lately, more people are choosing homes that cost over 500K, changing buyer attitudes and market competition.
Explore more detailed statistics and insights on Singapore’s housing prices
Contact us if you are Interested in Buying Property Abroad!
FAQ
What is the average price of a home in Singapore as of 2024?
In 2024, the average price of a home in Singapore is SGD 4.19 million.
How do property prices of HDB flats compare to condominiums and landed properties?
HDB flats are priced at SGD 597,297 on average. On the other hand, condos average SGD 1,945,523. Landed homes peak at SGD 5,371,943, showing wide price differences.
What percentage of Singapore residents live in HDB flats?
Around 77.8% of Singapore’s people live in HDB flats. They are the main affordable housing option.
What trends are currently shaping the Singapore housing market?
There’s an increase in high-value HDB flat sales. This shows strong demand despite economic issues. It’s part of recovery after the pandemic.
What factors contribute to the price changes in the Singapore housing market?
Prices change because of location, size, demand, and the economy. Inflation also plays a big role.
How many resale transactions were recorded for HDB flats in the first half of 2024?
The first half of 2024 saw 13,845 HDB flats resold. This indicates a strong housing market.
What are the average prices for different types of HDB flats in Singapore?
In 2024, 2-room flats average SGD 333,057. 3-room flats are about SGD 427,972. 4-room flats go for SGD 609,469, and 5-room flats for SGD 713,925.
What influences the pricing of private condominiums?
Prices of condos are affected by location, amenities, and demand.
How do prices for landed properties compare to other residential types?
Landed properties are the priciest at SGD 5,371,943 on average. Their price highly depends on the location.
What is the average price per square meter for HDB flats, condominiums, and landed properties?
HDB flats cost SGD 6,265 per square meter. Condos cost SGD 20,244, and landed homes SGD 19,200 per square meter.
Source Links
- https://www.straitstimes.com/singapore/housing/singapore-private-homes-still-most-expensive-in-asia-pacific-hdb-flats-most-attainable-report
- https://unassumingeconomist.com/2018/04/understanding-singapores-housing-market/
- https://www.linkedin.com/pulse/executive-summary-guide-singapore-real-estate-market-2023-jayson-ang
- https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-21-in-q2-amid-firm-demand-tight-supply
- https://www.linkedin.com/posts/cliff-chew-kt_hdb-resale-prices-increase-23-in-q2-of-activity-7222578098641281025-JYhd
- https://sg.finance.yahoo.com/news/buying-condo-singapore-much-earn-034843051.html
- https://www.businesstimes.com.sg/property/singapore-private-home-prices-still-ahead-hk-sydney-immigrants-bolster-demand
- https://condolaunch.sg/news/average-condo-price-singapore/
- https://www.propertykong.com/understanding-landed-property-appreciation-rates-in-singapore/
- https://plbinsights.com/gateway-into-singapores-landed-market-why-this-3-6m-brand-new-landed-may-be-the-last-window-of-entry/
- https://cliffy-gardens.medium.com/are-singapore-public-homes-still-cheap-i-crunched-the-data-to-find-out-00d7c9e65b0e
- https://finance.yahoo.com/news/ceo-behind-singapore-largest-realtor-210000547.html
Comments