Condo resale volume rises 35.6% in March after falling for 6 months; prices up 0.8%

SINGAPORE – Prices of resale condominium items edged up for the twentieth straight month in March, with the variety of transactions additionally selecting up after falling for six consecutive months.

Last month, rental resale prices rose at a faster tempo of 0.8 per cent in contrast with February’s 0.6 per cent, in response to flash figures from actual property portals 99.co and SRX launched on Tuesday (April 12).

Compared with March final yr, prices are up by 9.7 per cent, knowledge confirmed.

Meanwhile, resale volume climbed by 35.6 per cent, with an estimated 1,302 items altering fingers final month, up from 960 items the month earlier than.

But resale transactions declined by 31.4 per cent in contrast with March final yr.

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Property analysts stated final month’s resale volume rebounded after February’s seasonal lull and the easing of secure administration measures, which facilitated extra property viewings.

PropNex Realty head of analysis and content material Wong Siew Ying stated the easing of journey restrictions may probably see extra international consumers visiting and shopping for residential properties in Singapore, regardless of the 30 per cent further purchaser’s stamp responsibility for foreigners shopping for any residential property right here.

“Singapore continues to be an attractive investment destination, with its stable political environment and currency, its safety and security, and its pro-business policies,” she stated.

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Ms Christine Sun, senior vice-president of analysis and analytics at actual property agency OrangeTee & Tie, famous that offer was missing in sure areas, such because the suburbs.

She estimated that fewer than 7,000 new condos – excluding govt condominiums – can be launched for sale this yr, of which 30 per cent, or round 2,100 items, can be in the suburbs.

“This will likely be insufficient to meet the annual housing demand from Housing Board upgraders,” Ms Sun stated.

Huttons Asia chief govt Mark Yip stated: “Some buyers went to the resale market as there were no launches in March.”

Last month, condos in the suburbs accounted for 61.1 per cent of the whole gross sales volume. Homes in town fringes accounted for 25.4 per cent, whereas the remaining 13.6 per cent have been in core central Singapore.

Prices in the suburbs have risen quicker than in town fringes or core central Singapore for six out of the previous 12 months, Ms Sun famous.

She added: “A continual demand spillover from the new sale market to the resale market may prop up prices of mass-market resale condominiums further this year.”

ERA Singapore head of analysis and consultancy Nicholas Mak stated rising prices have been partly fuelled by the sturdy HDB resale market.

“Condominiums are the most common type of private housing bought by HDB flat owners who are upgrading. Some owners sold their HDB flats to take advantage of the growing HDB resale prices,” he stated.

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The highest transacted value for a resale rental final month was $13.6 million for a unit at The Marq on Paterson Hill, a freehold rental in the Orchard Road space.

In town fringes, the very best transacted value was $5.05 million for a 99-year leasehold unit at Silversea in the Marine Parade space.

In the suburban areas, a unit at freehold Elliot At The East Coast in the Marine Parade space bought for $3.4 million.

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