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Why is 2024 a Good Year to Enter the Private Resale Market?

New Launches that TOP in 2023
Source: URA, ERA Research and Market Intelligence

When the supply of private homes is plentiful, so are the options for buyers. In the first nine months of 2023, a projected 14,000 private residential units (excluding Executive Condominiums) received their Temporary Occupation Permit (TOP), which legally certifies that they are move-in-ready. 

Moreover, with a further estimated 9,800 odd units expected to attain their TOP this year, 2024 is setting up for a big boost in private housing supply in the coming months. 

Private Residential TOP by Year
Source: URA, ERA Research and Market Intelligence

That said, the burning question is: With the increased supply, how will the market for resale private properties react? And what does all this mean for buyers? 

Naturally, this uptick in supply is good news as it will likely translate into more options being available for parties who are interested in entering the private home market. 

As it stands, the majority of the 14,000 private homes that received their TOP in the first nine months of 2023 are located in the Rest of Central Region (RCR) and Outside of Central Region (OCR) areas of Singapore, which translates into greater opportunities for buyers looking for suitable housing in these regions. 

Resale Transactions and Year 2024 Forecast
Source: URA, ERA Research and Market Intelligence

From a market perspective, the increased supply of resale private homes could also lead to a corresponding upswing in transaction volumes. Including sub-sales, the number of resale private properties sold in 2024 could possibly be in the range of 13,000 to 14,000 units, with resale prices rising in tandem by approximately 4% - 6% year on year. 


This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers.

For avoidance of doubt, ERA Realty Network and its salespersons accept no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval.


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