Singapore’s Private Residential Property Market Remains Resilient Despite Economic Headwinds
Despite global economic uncertainties and elevated interest rates, Singapore’s private residential property market has displayed remarkable resilience in 2024. This demonstrates its continued appeal as a safe-haven investment by both local and foreign investors.
Market Performance in 2024
In 2024, prices of Singapore’s private residential properties continued to trend upward, although at a slower pace. The market grew 4.4 per cent for the year, beating the forecast of 3.0 per cent growth, but down from 6.8 per cent in 2023.
This slowdown from the previous year is expected due to global economic headwinds, the Russia-Ukraine conflict, and high interest rates.
However, with the US Federal Reserve cutting interest rates by a total of 100 basis points in September, November, and December 2024, Singapore mortgage rates have fallen across the board as a result.
This lifted sentiment in Singapore’s housing market amid a flurry of new private property launches, which were met with strong demand.
Other Factors Contributing to the Resiliency of Singapore’s Residential Property Market
The resilient nature of Singapore’s property market can also be attributed to the following factors:
Strong Economic Fundamentals: Singapore’s robust economy, underpinned by its strategic geographic location, world-class infrastructure, and pro-business policies, continues to attrac
Despite global economic uncertainties and elevated interest rates, Singapore’s private residential property market has displayed remarkable resilience in 2024. This demonstrates its continued appeal as a safe-haven investment by both local and foreign investors.
Market Performance in 2024
In 2024, prices of Singapore’s private residential properties continued to trend upward, although at a slower pace. The market grew 4.4 per cent for the year, beating the forecast of 3.0 per cent growth, but down from 6.8 per cent in 2023.
This slowdown from the previous year is expected due to global economic headwinds, the Russia-Ukraine conflict, and high interest rates.
However, with the US Federal Reserve cutting interest rates by a total of 100 basis points in September, November, and December 2024, Singapore mortgage rates have fallen across the board as a result.
This lifted sentiment in Singapore’s housing market amid a flurry of new private property launches, which were met with strong demand.
Other Factors Contributing to the Resiliency of Singapore’s Residential Property Market
The resilient nature of Singapore’s property market can also be attributed to the following factors:
Strong Economic Fundamentals: Singapore’s robust economy, underpinned by its strategic geographic location, world-class infrastructure, and pro-business policies, continues to attrac
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02:11 PM - Apr 16, 2025 (UTC)
