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Why the demand for private resale homes will remain high
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Rising prices of new homes have spurred some buyers to seek more affordable housing options in the secondary market.
ST PHOTO: LIM YAOHUI
Christine Sun
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The private resale market demonstrated a robust resurgence, with sales increasing notably by almost 25 per cent year on year, even as prices climbed higher in 2024. This trend sharply contrasts with the new home sales market, where sales volume experienced a modest increase of only 0.7 per cent compared with 2023.
According to data from the Urban Redevelopment Authority (URA), 14,053 private resale homes were transacted in 2024. This marks the highest number of resale transactions since 2021, when 19,962 units were sold. During that period, many buyers rushed back to the market following the easing of pandemic lockdown restrictions.
