Chart of the day: HDB resale flats price index grows 3.4% in Q4 2021

This is due to the low supply caused by construction delays.

The sales price index for the HDB resale flats went up by 3.4% quarter-on-quarter (QoQ) to 128.69 in the last three months of 2021, a chart from analyst PropertyGuru indicated.

In the Singapore Property Market Report Q1 2022, the analyst said the low supply caused by construction delays for both private developments and HDB housing resulted in the upsurge of the resale price.

Meanwhile, median per square foot sale prices for HDB resale flats listed on PropertyGuru Singapore has increased since pre-pandemic times, rising for 14 straight quarters, increasing 1.20% QoQ in the fourth quarter of 2021.

The appetite for HDB resale flats was triggered by HDB upgraders and buyers affected by the build-to-order flat construction delays. Further, the slow construction works pushed young couples into the resale market.

As the Singapore government declared its plans to raise the number of new flats, PropertyGuru said supply is likely to be fully restored in the next four to five years.