Market Trend of HDB Resale Flats in Singapore in 2024

In 2024, the HDB resale flat market in Singapore is influenced by a myriad of factors, including the broader economic landscape, government policies, and shifting societal trends. This comprehensive analysis delves into the key trends, challenges, and opportunities defining the market for HDB resale flats in Singapore in 2024. Through a meticulous exploration of the prevailing conditions and future outlook, this article aims to provide valuable insights for property agents and individuals navigating the complexities of the HDB resale flat market.

1. Overview of HDB Resale Flat Market Trends

The market trends of HDB resale flats in Singapore are continuously evolving, shaped by various economic, social, and political factors. The demand for HDB resale flats remains robust due to their affordability and the community-oriented living they offer. However, several trends have emerged that are significantly impacting the market in 2024.

Impact of Rent Prices

Rising rental prices have consistently influenced the HDB resale flat market. Between Q3 2021 and 2022, average rents in Singapore rose by 36.18%, with certain areas such as Punggol experiencing a notable 40-41% increase in HDB median rent. This surge in rental prices can potentially impact the demand for HDB resale flats as individuals may opt to enter the purchase market instead of continuing to rent due to the rising costs.

Inequality Concerns

Inequality is an increasingly salient issue in Singapore, posing a threat to the country’s social stability. The implications of inequality on the real estate market, including the HDB resale segment, are a significant area of concern. Addressing these inequalities will play a crucial role in shaping the dynamics of the HDB resale flat market in 2024.

Property Market Volatility

The property market experienced significant volatility in 2022, influenced by global economic events such as the conflict in Europe and record-high interest rates [citation:10]. These external factors have the potential to cascade into the HDB resale market in 2024, affecting demand and pricing dynamics.

2. Demand and Supply Dynamics

Understanding the demand and supply dynamics within the HDB resale flat market is imperative for gauging future trends and making informed decisions.

Property Oversupply

The issue of property oversupply has been a recurring concern in Singapore. The anticipated increase in property supply in the upcoming years could impact housing prices, particularly affecting the demand for resale HDB flats.

Demand for Affordable Housing

The demand for affordable housing continues to be a driving force in the HDB resale market. HDB resale flats have long been sought after due to their relatively lower prices compared to private properties, appealing to households seeking more budget-friendly housing options.

3. Pricing Trends

Understanding the pricing trends is essential for both property agents and prospective buyers looking to engage in the HDB resale flat market.

Rental Impact on Resale Prices

The increase in rental prices in key areas such as Punggol can potentially impact the resale prices of HDB flats in those locales. The linkage between rental and resale pricing trends is an area warranting close attention for property agents and potential investors.

Per-Square-Foot (psf) Prices

The per-square-foot (psf) prices of new launch condos have been trending above S$2500, prompting questions about how this trend compares to resale and sub-sale condos. Understanding the differentiation in pricing trends between new launch, resale, and sub-sale condos is crucial for comprehending the dynamics of the market.

4. Societal and Governmental Impact

Societal and governmental forces continually shape the contours of the HDB resale flat market.

Government Policies

The government plays a pivotal role in influencing the HDB market through policies aimed at ensuring affordable housing for citizens. Understanding the nuances of these policies and their potential future iterations is of paramount importance for all stakeholders involved in the HDB resale flat market.

Societal Aspirations

Societal aspirations and preferences also play a crucial role in shaping the demand for HDB resale flats. Aspirations regarding community living, affordable housing, and accessibility to amenities are integral to understanding the preferences of potential buyers.

5. Future Outlook and Recommendations

Looking to the future, several considerations and recommendations can be gleaned from the prevailing market trends.

Market Resilience

The market’s resilience in the face of external economic and political uncertainties remains a seminal area of interest. Understanding the market’s ability to withstand and adapt to these pressures is essential for devising long-term strategies.

Overcoming Inequality Challenges

Addressing the challenges posed by inequality will be pivotal for ensuring the sustainable growth and inclusivity of the HDB resale flat market. Measures aimed at bridging the gap and providing equitable opportunities to all segments of society will be instrumental.

Government-Industry Collaboration

Close collaboration between the government and the real estate industry is essential for calibrating policies and regulations while ensuring a dynamic and sustainable HDB resale flat market.

Affordable Housing Initiatives

Continued initiatives focused on ensuring the availability of affordable housing options, including HDB resale flats, are imperative for meeting the diverse housing needs of the population.


In conclusion, the market trend of HDB resale flats in Singapore in 2024 is a confluence of diverse factors, from economic conditions to societal aspirations and governmental policies. Navigating this multifaceted landscape requires a nuanced understanding of the prevailing trends and proactive anticipation of future dynamics. By closely monitoring the demand and supply dynamics, pricing trends, and societal and governmental impact, property agents and individuals can position themselves to make informed decisions in the complex and ever-evolving HDB resale flat market.

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