What’s the Average Cost of Housing in Singapore? (2024)

Are you in the market for a new flat? Looking to sell your home instead? Below, we break down the current housing prices for Housing Development Board (HDB) flats, condominiums, and landed properties to help sellers and prospective buyers get a sense of the current housing market.

What Is the Average Cost of Homes in Singapore?

As of 2024, the average cost of a home in Singapore is S$4.19 million. A HDB flat is generally the cheapest form of housing available, costing an average of S$633,167.

Condominium units are, expectedly, significantly more expensive. These private homes will set you back an average of S$2.57 million per unit. Essentially, it costs more than four times a HDB flat.

Lastly, landed properties are the most expensive form of housing in Singapore, costing an average of S$9.39 million. However, they are usually the largest residential properties available, with an average size of 405 square metres.

With that being said, do note that the average cost of a home in Singapore is slightly skewed by the inclusion of the Good Class Bungalow (GCB) landed property type. GCBs have a minimum site area which stands at a whopping 1,400 square metres. They are seen as the pinnacle of housing here in the Lion City.

What Is the Average Cost of HDB Flats in Singapore?

Because HDB flats are subsidised by the government, they are typically the most affordable type of housing available. This applies to both brand new Built-to-Order (BTO) flats and resale apartments.

The average cost of an HDB property listing is S$633,166.

Smaller flats, such as 2- and 3-room flats, typically cost between S$320,000 and S$485,000. Medium-sized 4-room flats are considerably pricier, costing anywhere from S$490,000 to S$928,000. However, if you are looking to upgrade to a larger HDB flat like a 5-room or executive flat, be prepared to fork out up to S$960,000.

However, do note that it’s not unheard of for HDB flats to hit seven-digit sales prices in the resale market. The most expensive HDB flat exchanged hands for a princely sum of S$1.5 million, being a 4-room apartment located in Tiong Bahru.

Related: Types of HDB Flats Single Singaporeans Are Eligible to Buy

What Is the Average Cost of a Condominium Unit in Singapore?

As mentioned above, the current average price of a condominium unit in Singapore is S$2.57 million. Although they aren’t significantly larger than a HDB flat on average, they do provide a higher degree of privacy and security. Don’t forget the amenities too, which we’ll cover below.

Condominium prices tend to differ more by region, rather than size. However, size naturally does play a part in determining the price too. These homes are built by private property developers. Therefore, they aren’t subsidised by the government. Ditto for landed housing, but more on that later.

Condominiums range from simple properties with basic amenities to brand new luxury towers that provide residents with facilities like pools, gardens, and even multiple event spaces.

What Is the Average Cost of Landed Properties in Singapore?

For many, landed properties are the ultimate milestone of financial success. The privacy and space that come with landed properties are coveted in land-locked Singapore and have thus transformed into luxury features.

Because of these features and the relatively small supply available, landed properties are the most expensive type of home on the market. As stated above, a landed home will currently cost you around S$9.39 million. This is more than triple the price of an average condominium unit.

However, this figure is skewed slightly by the presence of GCBs in Singapore. These are top-tier landed properties in Singapore, with only approximately 2,800 of them located across 39 areas.

How Have Housing Prices Changed Over Time?

Housing prices depend on a number of factors. From the supply side, we need to consider several factors. These include how many new flats are available right now and how many new developments are being built.

From the demand side, we need to consider affordability, speculative demand, availability of mortgages (and whether people even want to take out mortgages), interest rates, economic growth, and black swan events like a global pandemic too.

How Can You Save Money When Buying a Home?

The listed price of a home does not always mean you will end up purchasing it for that price. You should always take a tour of the home (virtual or otherwise) and prepare a list of questions about the property. You will also need to consider the neighbourhood, the vicinity of schools, shops, clinics, and transportation options.

Furthermore, if you believe you need to perform extensive renovations or should there be clear damage to the home, you’ll need to take that into consideration too. All these features can be used as bargaining tools, and you’ll be able to knock the price down if you believe the listing is too expensive.

When you’ve settled on a property, you should then make sure you get the best mortgage loan possible. A mortgage loan with a low interest rate can save you hundreds to thousands of dollars in interest over the course of your loan tenure.

To find the best rate, you should compare rates from different banks—remember, you’re not obligated to lock into the first mortgage loan you are offered.

Related: Guide to the New Measures to Help First-Timer Families Buy A HDB Flat

Methodology to Determine the Average Cost of Housing in Singapore

We used current listing and historical prices to get a sense of the average cost of purchasing a home in Singapore. We gathered data from over 900 listings to find out what current homes are selling for.

These listings were separated into the type of home (HDB flat, condominium unit, landed property) and the size of the home (number of rooms and bedrooms).

For HDB flats, we also used resale data from the HDB to see how listings differed from the actual resale prices. We used both average and median prices to find the distribution of home prices and how skewed the average prices were due to outliers such as luxury condominiums and bungalows.

While we tried to maintain accuracy as much as possible, there were some limitations that should be acknowledged. Firstly, real estate listings are not always accurate. To combat inaccuracies, we excluded any duplicate listings and made sure that HDB flats were organised by the number of bedrooms and bathrooms stated on HDB’s website.

However, it was not possible to determine the accuracy of the listing price or exact size of the flat. It is also worth noting that it was difficult to find the true difference between the listing price and the final transaction price due to date differences and apartment availability. Thus we looked at median price changes as an aggregate.

If you’re ready to buy your next home, be sure to check out the best mortgage loans and home insurance in the market!

Read More:

• Home Mortgage Loan Basics: How Much Can I Borrow?
• How to Avoid Paying ABSD When Buying Residential Properties in Singapore
• Should You Get a Fixed Home Loan or a Floating Home Loan?
• How To Be Financially Prepared to Buy An HDB Flat Before You Turn 35
• 3 Reasons Why You Might Need Mortgage Insurance

Cover image source: Unsplash