Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Costs of resale condos have increased for the 20th consecutive month, with a month-on-month rise of 0.8%.
A higher cost boost for OCR resale apartments
Year-on-year, OCR resale condominiums have seen the maximum increase at 11.8%, compared to CCR resale condominiums at 7.1% and RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that regardless of last December’s cooling actions, the price increase results from request far overtaking supply, especially in the residential areas.
According to the 99. co as well as SRX report on the resale apartment market, the OCR market section has reported the highest boost at 1.4% in March 2022. In comparison, CCR resale apartment costs rose by 0.6%, while RCR resale condo rates plunged by 0.2%.
This has brought about the steeper rise in OCR resale condos, contrasted to those in the CCR and also RCR.
“For that reason, a continuous demand overflow from the new sale market to the resale market might prop up prices of mass-market resale condominiums additionally this year,” Sun forecasted.
” We approximate that less than 7,000 brand-new condos (excluding EC) will certainly be released offer for sale this year. Of this number, only 30% or around 2,100 units will certainly remain in the Beyond Central Region (OCR), which will likely be insufficient to fulfill the yearly housing demand from HDB upgraders.”
Sales volume up by 35.6%
In addition to that, with the loosening of the secure administration actions, that includes boosting the group size to 10 individuals, it is anticipated that there will certainly be much more viewings and also sales in the following periods.
As the Chinese New Year lull season has actually passed, sales quantity has actually increased. An approximated 1,302 units were re-selled last month, which converts to a boost of 35.6% from the 960 units re-selled in February.