SRX Property Price Index Singapore, SPI Chart, Price Trends in 2023

A. Condo Rental Market

Based on the new rental data source,

1. March 2024 rents increase by 0.3% from February 2024. CCR and RCR rents increase by 0.3% , 0.9% respectively, while OCR rents decreases by 0.3%.

   • Year-on-year, overall rents decrease by 3.4% from March 2023.
   • Year-on-year, rents in CCR, RCR and OCR decrease by 5.5% , 2.6% and 2.1% respectively.

2. Volumes increase by 19.1% month-on-month. An estimated 5677 units are rented in March 2024 as compared to 4766 units rented in February 2024.

   • Year-on-year, rental volumes are 14.9% higher.
   • Volumes are 6.9% lower than the 5-year average volume for the month of March.
   • Breaking it down by region, in March 2024, 36.4% of the total volumes are from OCR, 32.6% from RCR and 31.0% from CCR.

B. HDB Rental Market

1. March 2024 HDB rents increase by 0.6% from February 2024. Mature Estates and Non-Mature Estates rents increase by 0.6% and 0.7% respectively. All room types record rent increase month-on month : 3 Room by 0.8%, 4 Room by 0.3%, 5room by 1.5% and Executives by 1.3%

   • Year-on-year, overall rents increase by 8.2% from March 2023.
   • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.5% and 8.9% respectively.
   • Year-on-year, all room types record rent increase: 3 Room by 6.4%, 4 Room by 9.2%, 5 Room by 8.6% and Executive rents by 10.0%.

2. Volumes increase by 9.8% month-on-month. An estimated 2689 HDB flats are rented in March 2024 compared to 2448 units in February 2024.

   • Year-on-year, rental volumes decrease by 12.1% from March 2023.
   • Volumes are 11.0% lower than the 5-year average volume for the month of March
   • Breaking it down by room type, in March 2024, 33.6% of the total volumes are from 3 Room,36.3% from 4 Room, 24.5% from 5 Room and 5.7% from Executive..

1. HDB resale prices increased by 0.3% in March 2024 compared to February 2024. Both Mature and Non-Mature Estates prices increased by 0.5% and 0.6% respectively as compared to February 2024. In terms of room types, 3 Room prices decreased by 0.1%, 4 Room prices increased by 0.5%, 5 Room prices increased by 1.0% and Executive prices decreased by 0.5%.

   According to the SRX Property Price Index for HDB Resale:

   • Year-on-year, the overall price increase is 6.2% from March 2023.
   • Year-on-year, prices for all room types increased over March 2023: 3 Room by 5.6%, 4 Room by 6.3%, 5 Room by 6.8% and Executive by 4.4%.
   • Both Mature and Non-Mature Estates prices increase by 6.0% from a year ago.

2. 2,063 HDB resale flats were transacted in March 2024, representing a 3.3% decrease from February 2024.

   • Year-on-year, resale volume in March 2024 is 9.8% lower than the previous year.
   • Breaking it down by room type, in March 2024, 24.8% of the volume came from HDB 3 Room, 43.6% from 4 Room, 25.2% from 5 Room and 6.4% from Executive.
   • Breaking it down by estate, 59.9% of the resale volume in March 2024 came from Non-Mature Estates. The remaining 40.1% in the month are from Mature Estates.

3. The highest transacted price for a resale flat in the month is achieved at $1,450,000 by a 5 Room flat at Boon Tiong Rd

   • In Non-Mature Estates, the highest transacted price is achieved at $1,200,000 by an executive apartment at Yishun Ave 4.

4. In March 2024, there are 61 HDB resale flats transacted for at least $1,000,000, representing an increase from February 2024 which recorded 50 such units.

   • The number of million-dollar flats sold comprise 3.0% of the total resale volumes in the month.
   • Toa Payoh records nine units of million-dollar flats sold in the month, followed by Kallang Whampoa, Bukit Merah, Clementi which records seven units.
   • The rest of the million-dollar flats come from Hougang, Bishan, Central Area, Queenstown, Serangoon, Bedok, Ang Mo Kio, Tampines, Jurong East, Bukit Timah, Bukit Panjang and Yishun.