Private home sales might have seen a dip, but demand for public housing – especially the million-dollar flats – in Singapore has only grown.
According to market data, the number of units sold so far this year has surpassed 2023, hitting a record high in the third quarter.
Real estate agency OrangeTee Group shared that sales of HDB flats priced above $1 million hit a new record of 328 units in the third quarter, compared to 128 in the same period in 2023. Across 2024, 747 units sold for more than $1 million, compared to 469 in 2023.
The Housing Development Board (HDB) also estimates that the resale price index of all public flats increased by 2.5 per cent in the third quarter of this year from the second quarter.
Christine Sun, chief researcher at OrangeTee, expects the number of million-dollar flats sold this year to double that of last year.
Sun said, “Furthermore, if there is limited supply in the market, people may still have to pay more due to increased competition for housing.”
For more on the Singapore’s million-dollar flats, read here.
