Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have actually enhanced for the 20th consecutive month, with a month-on-month increase of 0.8%.
A steeper price increase for OCR resale condos
This has led to the more challenging increase in OCR resale apartments, compared to those in the CCR and also RCR.
“Therefore, a regular need overflow from the new sale market to the resale market might prop up rates of mass-market resale condos additionally this year,” Sun predicted.
” We approximate that less than 7,000 brand-new condos (excluding EC) will be released available for sale this year. Of this number, only 30% or approximately 2,100 units will certainly remain in the Beyond Central Region (OCR), which will likely be insufficient to meet the annual real estate need from HDB upgraders.”
According to the 99. co and also SRX record on the resale condominium market, the OCR market section has documented the highest possible rise at 1.4% in March 2022. In comparison, CCR resale condominium rates increased by 0.6%, while RCR resale condo prices plunged by 0.2%.
Year-on-year, OCR resale apartments have seen the highest possible rise at 11.8%, contrasted to CCR resale condos at 7.1% as well as RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that regardless of last December’s cooling measures, the price increase is due to demand far overtaking supply, especially in the residential areas.
Sales quantity up by 35.6%
As the Chinese New Year lull occasion has passed, sales quantity has boosted. An estimated 1,302 units were re-selled last month, which equates to a rise of 35.6% from the 960 units resold in February.
On top of that, with the relaxation of the safe supervision actions, which includes boosting the group size to 10 individuals, it is anticipated that there will be extra viewings as well as sales in the following periods.