Private home prices experienced a notable rebound in 2024, ending the year with a 3.9% increase overall. In the last quarter, prices climbed by 2.3% compared to the previous quarter, bouncing back from a 0.7% dip observed in the third quarter. This dip marked the first decline since the second quarter of 2023 but turned out to be a mere blip. According to data from the Urban Redevelopment Authority (URA), the quarterly growth aligned with initial forecasts released on January 2, 2025, largely driven by newly launched projects.
Non-landed properties spearheaded the price surge for the year, with a robust 4.7% rise compared to last year, whereas landed properties showed a modest 0.9% increase.
Focusing on the performance of non-landed properties across different areas, the Outside Central Region (OCR) led the way in the fourth quarter with a 3.3% increase from the previous quarter. In comparison, the Rest of Central Region (RCR) rose by 3.0%, and the Core Central Region (CCR) rose by 2.6%. These figures underscore the varied momentum in different segments of the market.
