Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. In this country, it is generally easier for foreigners to purchase condos compared to landed properties, which have more stringent ownership guidelines. However, foreign buyers must take into consideration the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, when making their first property purchase. Despite this added expense, the stable and promising growth of Singapore’s real estate market remains a strong draw for foreign investment. With its condo options, Singapore remains a desirable location for international buyers looking to invest in property.
buy viagra HDB flash estimates released on Jan 2 showed that resale flat prices increased by 2.5% q-o-q in the fourth quarter of 2024, slightly slower than the 2.7% q-o-q growth in the previous quarter. This marks the 19th straight quarter of price increases in the HDB resale segment.According to data from data.gov.sg downloaded on Jan 2, the median price for four-room flats saw a q-o-q price increase of 2.5% in 4Q2024, compared to the 3.4% growth in 3Q2024. Similarly, two-room flats rose by 2% q-o-q in 4Q2024, a decrease from the 3.9% growth in 3Q2024. Executive flats registered a q-o-q price increase of 1.2% in 4Q2024, down from 1.7% in the previous quarter.However, five-room flats saw a faster q-o-q price increase of 3.2% in 4Q2024, compared to the 1.2% growth in 3Q2024.During the same period, resale volume dropped by 3.6% y-o-y to 6,314 units in 4Q2024 from 6,547 units in 4Q2023. This represents a 22.5% q-o-q decrease from 8,142 units in the previous quarter.According to Christine Sun, chief researcher and strategist at OrangeTee Group, the decline in resale transactions can be attributed to HDB’s launch of more than 8,500 new flats in the October Build-to-Order (BTO) exercise, which featured units in desirable locations with features such as scenic views and close proximity to MRT stations. This diverted demand away from the resale market towards the BTO market.Sun also notes that the seasonal year-end school holidays, which typically see a decrease in house viewings and sales activities, could have contributed to the drop in resale volume.However, the slower pace of price growth in 4Q2024 can also be attributed to government intervention in August 2024, when the loan-to-value (LTV) limit for HDB loans was reduced by five percentage points to 75%. This measure is likely to be working through the market and may have impacted both sales and price growth, says Wong Siew Ying, head of research and content at PropNex.In 2024, there were a total of 28,876 resale transactions, 8% higher than the 26,735 transactions in the previous year and 27,896 transactions in 2022. However, it is still lower than the peak of 31,017 transactions in 2021.Despite the decrease in resale volume in 4Q2024, the total number of million-dollar transactions for the year reached a record high of 1,033 units, more than double the 469 transactions recorded in the previous year.Toa Payoh town saw the most million-dollar resale flat transactions in 4Q2024 at 58, with 20 of these transactions being for four- and five-room units at Alkaff Vista in Bidadari Park Drive.According to Eugene Lim, key executive officer of ERA Singapore, the new Plus and Prime classification of BTO flats may have driven more buyers to seek out HDB resale homes in central locations due to the resale restrictions associated with new flats. These restrictions include a 10-year minimum occupation period (MOP), rental restrictions after MOP, subsidy claw-back upon resale, and a resale income cap for future buyers.OrangeTee Group’s Sun expects HDB resale prices to continue rising in 2025, albeit at a slower pace than in previous years. She also believes that prices have already reached new highs in many areas, which could result in affordability concerns for potential buyers. Sun adds that the ongoing supply of BTO flats is expected to help moderate price growth in the secondary market. However, the degree of price stabilisation will depend on the number of BTO flats the government releases in the upcoming years.HDB will be launching its largest sale of balance flats (SBF) exercise in February 2025, offering more than 5,500 flats in various towns. As there is no upfront information on the BTO projects with a shorter waiting time, this may lead some buyers to explore the resale market, according to Lee Sze Teck, senior director of research, Huttons Asia.Huttons projects that HDB resale flat transactions will end the year at 26,000 to 28,000, with resale flat prices likely to grow at a slower pace of 5% to 8%.ERA, on the other hand, expects resale prices to grow at a more measured pace in 2025 due to a reduced supply of flats reaching MOP, which has been a key driver of price growth in recent years. This could result in a 3% to 6% growth in HDB resale prices, with 26,000 to 27,000 resale units changing hands by the end of 2025.PropNex anticipates that the HDB resale market will perform well in 2025 due to healthy housing demand and fewer MOP flats coming onto the market, possibly keeping resale prices firm. The agency expects resale prices to rise by 5% to 7% in 2025, supported by a resale volume forecast of 29,000 to 30,000 units.Lee projects that HDB resale flat prices may increase by 5% to 8% in 2025, with a resale volume of 26,000 to 28,000 units. He also adds that interest rates may decrease in 2025, allowing buyers to take on larger loans and potentially leading them to explore other housing options such as executive condominiums (ECs) or resale condos. The million-dollar flat market could also stabilise in the range of 900 to 1,200 units in 2025.