I/Huttons Property Market in 2024 Sees Sharp Contrast Between Slow Start and Record-Breaking NovemberThe year 2024 saw dramatic highs and lows in the property market, with the first half being lackluster and the second half breaking records. According to Huttons Data Analytics, the first half was the slowest period for project launches and sales since 1996, with boutique developments being the main focus. Only 1,889 units were sold during this period, with the largest exception being Lentor Mansion, which achieved a 75% take-up rate during its launch in March. However, the market saw a significant shift in sentiment during the second half of the year, with a 60% increase in new home sales compared to the previous quarter, according to Huttons. This was attributed to the 50-basis point interest rate cut by the US Federal Reserve in September. November was a particularly successful month, with a record-breaking six new projects comprising 3,551 units launched within 10 days. The surge in activity was driven by a year-end rush to launch projects, and the total number of developer sales for the first 11 months of 2024 is expected to surpass that of 2023. However, there has been speculation about potential cooling measures, although regulatory intervention is deemed unlikely at this point unless there is sustained market overheating and a sharp increase in property prices surpassing GDP growth. Overall, the property market in 2024 has shown resilience and continues to be seen as a solid investment for wealth creation and preservation.