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Navigating the Property Landscape in 2024
In 2024, Singapore's real estate market is evolving, with new BTO classifications and infrastructure developments like the Thomson-East Coast Line enhancing the eastern region. Despite 2023's cooling measures, including higher ABSD rates and adjusted Loan-to-Value limits, the private property market is expected to grow modestly. Sales remained strong with 6,319 new homes sold, indicating sustained appeal. Foreign buyer interest persists despite stringent measures. The HDB resale market is buoyed by changes in BTO eligibility and housing grants. Adjustments in the rental sector, including new policies and serviced apartments, aim to balance demand. Overall, the market is poised for steady growth and adaptation to meet housing needs.
Entering Landed Property Arena in 2024
In 2024, Singapore's landed property market is expected to continue its growth, driven by its status as a prestige symbol and diverse architecture. The market saw a 4.5% increase in prices in late 2023, reflecting strong demand for luxury despite economic challenges. High-profile transactions and redevelopment interest marked 2023, with record sales like Chancery Lane and Dyson Road acquisitions. Despite new cooling measures, the market remains resilient, with 1,452 transactions indicating sustained interest, especially among high-net-worth individuals and new citizens. District 19 emerged as a key area, with HDB upgraders also aspiring to upscale living. Good Class Bungalows (GCBs) continue to symbolize luxury, attracting wealthy investors despite a transaction decrease. In 2024, the market is projected to maintain momentum with an estimated 1,400 to 1,500 transactions, bolstered by the appeal of landed homes as lifestyle investments and legacy assets. Singapore's stable and secure property market continues to attract global wealth, keeping the landed property sector vibrant and significant in the nation's real estate landscape.
Luxury Property Market Outlook 2024
In 2024, Singapore's luxury property market remains resilient and exclusive, continuing to attract high-net-worth individuals despite economic fluctuations and property cooling measures. The Core Central Region (CCR) saw significant activity in 2023, with 3,491 units transacted, including new homes and resales, highlighting the segment's allure. Upcoming high-profile launches like The Cairnhill and Marina View Residences are anticipated, driven by pent-up demand. Projections for private home transactions are optimistic. Leedon Green leads new project sales, and significant high-value resale transactions reflect the enduring appeal of ultra-luxury condos. The launch of Skywater Residences, set to be Singapore's tallest building, epitomizes the trend towards iconic luxury living spaces. The luxury property market is expected to remain strong, driven by both local and international interest, positioning Singapore as a premier destination for luxury real estate.
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