Data on Transactions Related to and Composition of Owner-occupied and Investment Properties in Private Residential Market
Ministry of National DevelopmentSpeakers
Summary
This question concerns the breakdown and composition of owner-occupied versus investment properties in the private residential market over the last five years. Member of Parliament Mr Chua Kheng Wee Louis inquired about the number and value of primary and secondary sales for these categories and any observed changes in market composition. Minister for National Development Desmond Lee responded that owner-occupied units grew by 27,000 to reach 263,000 in 2024, more than triple the 8,000-unit increase in non-owner-occupied properties. He attributed this trend to government measures like raising Additional Buyer’s Stamp Duty on subsequent property purchases to prioritize genuine owner-occupation. The Minister also noted that primary sale data comparisons are not meaningful as many involve uncompleted units that lack an official owner-occupation status.
Transcript
38 Mr Chua Kheng Wee Louis asked the Minister for National Development (a) in each year over the last five years, what is the breakdown in the number and value of primary sale and secondary sale transactions in the private residential market that is for the purpose of owner-occupied property versus investment property; and (b) whether the Government has observed any changes in the composition of owner-occupied and investment properties in the private residential market in the last five years.
Mr Desmond Lee: From 2020 to 2024, the increase in owner-occupied private residential properties was more than three times the increase in non-owner-occupied private residential properties. In 2020, the number of owner-occupied and non-owner-occupied private residential properties were around 236,000 units and 166,000 units respectively. This increased by around 27,000 units to 263,000 owner-occupied units; and by around 8,000 units to 174,000 non-owner-occupied units in 2024.
The larger increase in the number of owner-occupied private residential properties can be attributed to the measures we had introduced over the years to prioritise housing purchases for genuine owner-occupation, such as raising of Additional Buyer's Stamp Duty for purchase of second and subsequent properties.
It is not meaningful to compare data on owner-occupied private residential properties between primary and secondary sales, given that a large proportion of primary sales involve uncompleted units that do not have owner-occupation status.