HDB prices spike 12.5% y-o-y in 2021, first double-digit growth in 10 years

EdgeProp Singapore

January 4, 2022

SINGAPORE (EDGEPROP) - For the whole of 2021, HDB resale prices spiked 12.5% y-o-y, clocking double-digit growth since 2011 when prices increased by 10.7% y-o-y.

HDB resale prices increased by 3.2% q-o-q in 4Q2021, compared to the 2.9% q-o-q growth recorded in the preceding quarter. This is also the seventh consecutive quarterly increase recorded by the market.

In general, the performance of the HDB resale market exceeded expectations in terms of price growth and sales volume this year, says Christine Sun, senior vice-president of research & analytics at OrangeTee & Tie.

“Prices are rising as demand continues to outstrip supply in many areas. On the demand side, the construction delays and long completion periods for new BTO flats may have driven buyers to the resale market,” says Sun.

Some private homeowners took advantage of the robust private resale market to realise the value of their properties and subsequently downgraded to public housing, boosting the overall pool of HDB buyers.

The strong run up in resale prices gave many HDB flat owners some cheer after enduring a fall in resale flat values between 2013 to 2018, says Wong Siew Ying, head of research and content at PropNex Realty.

Read more at: https://www.edgeprop.sg/property-new...rowth-10-years