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HDB resale prices jump 12.7% in 2021, record annual growth in 11 years

HDB resale prices jump 12.7% in 2021, record annual growth in 11 years

HDB flats in Singapore. (Photo: CNA/Gaya Chandramohan)

SINGAPORE: Resale flat prices in Singapore rose 12.7 per cent for the whole of 2021, recording the highest annual growth since 2010, according to data from the Housing and Development Board (HDB) on Friday (Jan 28). 

Prices also increased by 3.4 per cent in the fourth quarter of 2021 over the previous quarter. This is slightly higher than the 3.2 per cent rise in flash estimates provided by HDB earlier this month. 

The resale price index, which provides information on the general price movements in the resale public housing market, was 155.7 in the fourth quarter, up from 150.6 in the third quarter.

The record growth was due to "price bidding wars and sky-high cash offers for many popular flats", said Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.  

"Some buyers paid beyond market valuation for desirable flats," Ms Sun added. 


Resale transactions fell by 5.8 per cent from 8,433 cases in the third quarter to 7,940 cases in the fourth quarter. 

Compared to the fourth quarter of 2020, resale transactions in the last three months of 2021 were 3.9 per cent higher. 

For the whole year, resale transactions increased by 25.3 per cent to 31,017 cases from 24,748 in 2020. 

Four-room flats remained popular with 3,347 resale applications lodged for this category in the fourth quarter. This was followed by 2,085 applications for five-room flats and 1,785 applications of three-room units. 

Number of Resale Applications Registered by Flat Type
Quarter 1-room 2-room 3-room 4-room 5-room Executive* Total
4Q 2020 3 110 1,683 3,139 2,047 660 7,642
1Q 2021 5 111 1,677 3,217 1,996 575 7,581
2Q 2021 4 103 1,484 3,078 1,866 528 7,063
3Q 2021 2 118 1,831 3,593 2,268 621 8,433
4Q 2021 0 114 1,785 3,347 2,085 609 7,940
Total for 2021 11 446 6,777 13,235 8,215 2,333 31,017

Note: *Includes Multi-Generation flats

(Table: HDB)


"Vaccine optimism, a positive economic outlook, renewed market confidence and a low interest rate environment fuelled demand for the HDB resale market in 2021," said Mr Mohan Sandrasegeran, research and content analyst at Ohmyhome. 

Delays in Build-to-Order (BTO) flats construction led buyers to the resale market to find immediate homes, he added.

Ms Sun noted that a record 259 million-dollar flats were sold in 2021, up from 82 units in the previous year. 

Last month, the Government introduced a slew of cooling measures for the property market, including tightening the loan-to-value limit from 90 per cent to 85 per cent for housing loans from HDB. 

"In addition, the Government will also be significantly increasing the public housing supply over the next two years, to meet the strong housing demand from Singaporean households," said HDB on Friday. 


HDB has announced plans to launch up to 23,000 flats per year in 2022 and 2023 across mature and non-mature towns. 

It said that it is also prepared to launch up to 100,000 flats in total from 2021 to 2025 if needed, subject to prevailing demand. 

A total of 3,900 BTO flats will be offered in February in towns and estates such as Geylang, Kallang Whampoa, Tengah and Yishun. 

In May, there will be another 5,200 to 5,700 BTO flats in Bukit Merah, Jurong West, Queenstown, Tampines, Toa Payoh and Yishun.

"This number is subject to review as more project details will be firmed up closer to the launch date," said HDB.


The number of approved applications to rent out HDB flats rose by 1.3 per cent from 10,417 cases in the third quarter to 10,551 cases in the fourth quarter. 

At the end of the fourth quarter, there were 56,596 HDB flats rented out, a drop of 1.3 per cent from the previous quarter. 

Source: CNA/ta(aj)


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