Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale apartments have actually enhanced for the 20th straight month, with a month-on-month rise of 0.8%.
A higher price rise for OCR resale condos
Year-on-year, OCR resale condos have seen the maximum boost at 11.8%, compared to CCR resale apartments at 7.1% and also RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that in spite of last December’s cooling steps, the cost boost is because of demand much outstripping supply, especially in the suburban areas.
” We estimate that less than 7,000 brand-new condos (excluding EC) will certainly be launched to buy this year. Of this number, just 30% or approximately 2,100 units will remain in the Outside of Central Region (OCR), which will likely be insufficient to meet the yearly real estate request from HDB upgraders.”
According to the 99. co and SRX record on the resale condo market, the OCR market section has recorded the best boost at 1.4% in March 2022. In contrast, CCR resale apartment costs climbed by 0.6%, while RCR resale condominium rates plunged by 0.2%.
This has resulted in the more challenging rise in OCR resale condos, contrasted to those in the CCR and also RCR.
“For that reason, a consistent need overflow from the new sale market to the resale market might prop up prices of mass-market resale condos additionally this year,” Sun anticipated.
Sales volume up by 35.6%
As the Chinese New Year break period has passed, sales quantity has actually boosted. An approximated 1,302 units were marketed last month, which equates to a boost of 35.6% from the 960 units marketed in February.
On top of that, with the relaxation of the safe administration measures, that includes increasing the team size to 10 individuals, it is expected that there will be extra viewings as well as sales in the coming months.
