Data from the Urban Redevelopment Authority (URA) highlights that private property prices grew by 3.9% in 2024, with signs of moderation as price index growth rates declined for the third consecutive year since 2022.
Singapore’s construction industry grew by 4.5% in 2024, with total construction demand reaching $44.2 billion, the highest construction demand since data was first published in 2005.
This was primarily due to higher construction costs and the commissioning of more public institutional, public housing and private housing projects, according to a market review and outlook report on Singapore’s construction industry by Surbana Jurong (SJ).
