Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condos have actually raised for the 20th straight month, with a month-on-month rise of 0.8%.
A steeper price increase for OCR resale condos
” We approximate that less than 7,000 brand-new condos (omitting EC) will certainly be released available for sale this year. Of this number, only 30% or around 2,100 units will certainly be in the Outside of Central Region (OCR), which will likely be insufficient to meet the annual real estate request from HDB upgraders.”
This has actually caused the higher rise in OCR resale condominiums, contrasted to those in the CCR and RCR.
“For that reason, a constant need overflow from the brand-new sale market to the resale market might prop up costs of mass-market resale condos better this year,” Sun anticipated.
According to the 99. co and also SRX record on the resale condo market, the OCR market sector has actually reported the maximum increase at 1.4% in March 2022. In contrast, CCR resale apartment rates climbed by 0.6%, while RCR resale condominium prices plunged by 0.2%.
Year-on-year, OCR resale apartments have seen the best boost at 11.8%, compared to CCR resale condominiums at 7.1% and also RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that regardless of last December’s cooling actions, the cost increase is due to demand much overtaking supply, particularly in the residential areas.
Sales volume up by 35.6%
As the Chinese New Year lull season has passed, sales volume has actually boosted. An approximated 1,302 units were resold last month, which equates to a rise of 35.6% from the 960 units resold in February.
In addition to that, with the relaxation of the safe supervision procedures, which includes enhancing the group size to 10 individuals, it is anticipated that there will certainly be extra viewings and sales in the following months.