New private home launches sink to 20-year low in H1

There were only 1,939 units launched– the lowest since 2004.

New home sales and launches sank to an all-time record low in the first half of 2024, according to a report by OrangeTee Group.

Singapore reported only 1,889 sales in the primary home market.

Only 1,939 units were launched during the six month-period. This is the lowest number of launches since 2004, when 2,080 units launched in the H1 period, noted Christine Sun, chief researcher & strategist, OrangeTee Group.

Private residential prices experienced slower growth, at 2.3% in H1. This is slower than the 3.1% price increase in H1 2023 and the 4.2% price increase in H1 2022.

Prices rose 2.5% rise to S$2,411 per square feet (psf) in Q2.

Earlier, OrangeTee Group said that developers' sales in 2024 are unlikely to surpass 2023 figures despite an expected improvement in the second half of the year.