Surging new launches and lower rates drove the highest transaction value in years; outside central region led volume growth.

Singapore’s residential property market recorded total transaction value of S$48.1 billion in 2024, according to market data, as transaction volumes rose 8.7% year-on-year to 19,273 units. The figure represents the highest annual transaction value in recent years, supported by a wave of new launches, declining interest rates through the second half of the year, and sustained demand from local buyers. Full-year price growth moderated to 3.9%, the slowest annual increase since 2017, even as quarterly prices rebounded sharply in Q4 2024.

Transaction Volumes and Regional Breakdown

Total private residential transaction volumes reached 19,273 units in 2024, up from 17,732 in 2023. The Outside Central Region (OCR) drove the bulk of activity, recording 9,847 units—representing a 51% market share and a 26.7% year-on-year increase. The Rest of Central Region (RCR) accounted for 6,800 units (35% share), a modest 2.1% gain. The Core Central Region (CCR) registered 2,626 units (14% share), a sharp 20.5% decline attributed to the Additional Buyer’s Stamp Duty (ABSD) hikes implemented in 2023, which raised the foreign buyer duty to 60%.

Units sold (units)Source: Orionmano Industries

The OCR’s outperformance reflects the launch of several mass-market executive condominium (EC) and suburban condominium projects that appealed to HDB upgraders and first-time buyers. The decline in CCR volumes, by contrast, highlights the sustained impact of cooling measures on the prime segment, where foreign buying has historically been a key demand driver.

Price Trends and Market Performance

After a slight 0.7% quarter-on-quarter dip in Q3 2024, the URA property index for all private residential properties rebounded strongly with a 2.3% quarterly increase in Q4 2024—the largest QoQ growth since Q4 2023. Non-landed property prices drove the recovery, rising 3.0% QoQ, marking the sixth consecutive quarterly increase for this segment. Landed property prices declined for the second consecutive quarter, though the 0.1% drop was far milder than the 3.4% contraction recorded in Q3 2024.

Quarterly change (%)Source: Orionmano Industries

For the full year 2024, residential prices rose 3.9%, the slowest yearly increase since 2017, extending the streak of consecutive annual price growth to eight years. The moderation reflects the cumulative effect of multiple rounds of cooling measures—including the 60% ABSD on foreign buyers and tightened Total Debt Servicing Ratio (TDSR) rules—which have tempered speculative demand while allowing genuine homebuyers to sustain activity.

Foreign and Local Buyer Activity

The rebound in transaction volumes in the latter part of 2024 was supported by a notable recovery in foreign buying. Non-landed sales to foreign purchasers rose 45.8% quarter-on-quarter to 86 units in Q4 2024, the highest level since Q2 2023. The uptick came after a decline in the previous quarter and was attributed to new launches entering the market and declining interest rates, which improved affordability for cash-rich foreign buyers.

Singaporean buyers remained the backbone of the market. Local residents recorded a fourth consecutive quarter of more than 40% QoQ increase in non-landed sales in Q4 2024, according to Savills. The sustained local demand reflects confidence in the market’s resilience and the pull of well-priced new launches. The combination of lower borrowing costs and developer incentives—including deferred payment schemes and early-bird discounts—encouraged owner-occupiers and long-term investors to transact.

Top-Performing Projects and Developments

Transaction-level data from 2024 highlights the concentration of value in a handful of well-performing projects. In the CCR, 19 Nassim sold 54 units at a median price of S$3,386 per sq ft, making it the top-selling project in the prime region. The freehold project KLIMT Cairnhill recorded 48 units sold at a median S$3,377 psf, while Watten House shifted 43 units at a median S$3,246 psf.

In the RCR, CanningHill Piers was the standout performer, achieving a 98.3% take-up rate across its 696 total units, with a median transacted price of S$2,969 psf. Blossoms by the Park in the same region achieved 92.4% take-up, with a median price of S$2,520 psf. Bartley Vue recorded a 96.5% take-up rate at a median S$2,043 psf.

The OCR saw Altura lead by volume, selling 353 of its 360 total units—a 98.1% take-up rate—at a median price of S$1,491 psf. The mass-market project’s strong absorption underscores the depth of demand in suburban locations at accessible price points.

Outlook

While 2024 set a new transaction value record, the outlook for 2025 faces headwinds. The continued impact of cooling measures—particularly the 60% ABSD on foreign buyers and the TDSR framework—may moderate volume growth, especially in the prime segment. Rising interest rates, should the US Federal Reserve pause or reverse its easing cycle, could dampen buyer sentiment and affordability. However, investment sales are forecast to remain robust: Savills reported that Singapore’s total real estate investment sales in 2025 reached S$34.12 billion, a 27% increase from S$26.87 billion in 2024 and the highest annual volume since 2017. The resilient institutional and private capital flows into residential development sites suggest that developers remain confident in medium-term demand, even if near-term transaction growth slows.