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  • Writer's picturechloekks

Singapore 2024 Property Market Forecast

Updated: Mar 21

Singapore 2024 Property Market Forecast: Downward Pressures Mount, But Crash Unlikely

The Singapore property market is facing a confluence of factors that could dampen prices and growth in the near future. While a full-blown crash remains unlikely, the market is likely to experience a period of muted performance.

Downward Pressures

  1. Government Intervention: The government has implemented a series of measures, including higher stamp duties and stricter loan requirements, to cool the market. These measures are clearly aimed at reducing demand and exerting downward pressure on prices.

  2. Increased Rental Supply: A significant number of new rental units are expected to come online in the near future, which will likely lead to a softening of rents and put downward pressure on property values.

  3. Macroeconomic Headwinds: The global economy is showing signs of weakening, with major economies like China and the US experiencing negative economic indicators. This could have negative repercussions for the Singapore economy and, by extension, the property market.

  4. Commodities Price Decline: Falling prices of key construction materials give developers more leeway to lower asking prices, potentially leading to a decrease in overall property values.

  5. Limited En-Bloc Activity: An increase in government land sales (GLS) is expected to reduce the attractiveness of en-bloc projects, further dampening market activity.

Silver Linings

Despite the headwinds, there are some mitigating factors:

  1. Low Interest Rates: Home mortgage rates have been declining since early this year and are expected to drop further in the coming year, making property ownership more affordable and providing some support to the market

  2. Potential Policy Adjustments: Should the market worsen, the government may loosen housing policies, acting as a safety net and preventing a full-blown crash.


The Singapore property market is facing a period of uncertainty. While a crash is unlikely, downward pressures are likely to prevail in the near future. Lower growth rates and potential price dips are expected. However, low interest rates and potential policy adjustments offer some support to the market.

It remains to be seen how these factors will play out in the coming months and years. Investors and homeowners should closely monitor the market and make informed decisions based on their individual circumstances.


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