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What Can You Expect in the Singapore Condo Market in 2024?

Maelyn Lagman

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The dynamic landscape of the Singapore property market is set for another intriguing chapter in 2024. And as we welcome the new year, it’s crucial to understand the recent changes that have shaped the market. Particularly, how the property cooling measures and a resilient demand in 2023 left a mark on the sector.

https://ohmyhome.com/en-sg/blog/singapore-hdb-prices-to-stabilise-in-2024/

Property cooling measures and rising prices in Q1 2023

The influence of property cooling measures introduced in December 2021 and September 2022 was evident, creating a moderating effect on the market. 

However, we saw a resurgence in property prices in Q1 2023, primarily driven by robust demand from Singapore citizens purchasing homes for their own stay. 

Responding to the renewed acceleration in property prices, the Singapore government took proactive steps in April 2023.

Higher Additional Buyers’ Stamp Duty (ABSD) rates were implemented to temper the housing market, targeting both owner-occupants and tenants while curbing investment demand from both foreign and local investors.

Revised ABSD Rates

The revised ABSD rates impacted foreigners the most, with ABSD rates doubling to 60% from the previous 30% for the purchase of any residential property. 

Here are the revised ABSD rates as of April 2023

CitizenBuying 1st Residential PropertyBuying 2nd Residential PropertyBuying 3rd and Subsequent Residential Property
Singapore Citizen (SC)0% 20%30%
Singapore Permanent Resident (SPR)5% 30%35%
Foreigners buying any residential properties60%60%60%
Entities buying any residential properties65%65%65%

The market impact of the ABSD hike

Unsurprisingly, the ABSD hike had pronounced effects on property prices, with the Core Central Region (CCR) experiencing the most significant impact. 

CCR Condo average PSF and transaction volume in 2023

Source: Ohmyhome Research

Prices in the CCR dropped from an average of $2,733 per square foot (psf) to a low of $2,471 psf in October.

Overall condo average PSF and transaction volume in 2023

Source: Ohmyhome Research

Conversely, the Rest of Central Region (RCR) and Outside Central Region (OCR) witnessed a steady rise in prices, albeit with an overall decrease in demand. 

This discrepancy can be primarily attributed to residential buyers relocating to new homes, largely unaffected by the ABSD. In contrast, properties in the CCR are often purchased for investment, incurring higher ABSD rates. With foreign investors likely draining away, prices have fallen as a result.

Should you buy or sell condo in 2024?

If you’re looking to sell your condo in the CCR, don’t worry. This does not necessarily mean you’ll have to sell at a low, as there are still ready buyers in the market who are willing to pay for a condo in the central region. Parents looking to move closer to their children’s schools will do almost anything to lock in the right address before the Primary 1 registration period.

And if you’re looking to buy a home, remember that buying low doesn’t mean much when you don’t sell at the right time.

Let us help you price your property right and time the market well

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As we anticipate the unfolding trends in the Singapore condo market in 2024, it’s evident that government measures play a pivotal role in shaping the trajectory. Navigating through these changes requires a keen understanding of the market dynamics and a strategic approach, ensuring investors and homeowners alike can make informed decisions in the ever-evolving real estate landscape.

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