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This report provides an in-depth analysis of Singapore’s real estate market for Q3 2024, focusing on the macroeconomic influences and key trends across various property segments, including landed, strata landed, condominiums, Executive Condominiums, HDB resale, and commercial real estate.

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The past year has undeniably been a period of economic moderation for Singapore. A deceleration of GDP growth in a high interest rate environment, set against the global backdrop of geopolitical tensions and economic uncertainties, has had a profound impact on our real estate sector.

Inflation continues to dominate headlines everywhere. With the US Federal Reserve’s recent pivot to an aggressive monetary tightening policy, its key overnight interest rate was increased by another 25 basis points, situating it between 5.25% and 5.50% to further curb the inflationary pressures. The Fed is prepared to raise interest rates further if inflation remains high in the coming months, which begs the question of whether it will increase recessionary expectations.

As 2023 progresses, macroeconomic headwinds and geopolitical tensions are mounting, leading investors to adopt a cautious stance. The Singapore government’s intervention in the real estate industry carries significant implications for both investors and homeowners. Multiple waves of cooling measures have been introduced in late 2022 and 2023, alongside an increase in Government Land Sales (GLS) over the past few quarters.

Inflation remains one of the top concerns of Singaporeans. In particular, the high cost of living has been driven in part by higher rental and property prices. Quarter 4 of 2022 has shown us that prices are consolidating as the real estate market in Singapore makes sense of the economic situation and new cooling measures at hand. Property prices remain elevated while overall volume has slumped.