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 consecutive month, with a month-on-month boost of 0.8%.
According to the 99. co as well as SRX report on the resale apartment market, the OCR market segment has documented the best boost at 1.4% in March 2022. In contrast, CCR resale apartment costs increased by 0.6%, while RCR resale apartment prices plunged by 0.2%.
A steeper price increase for OCR resale condominiums
This has caused the more challenging boost in OCR resale condominiums, compared to those in the CCR and also RCR.
“Consequently, a continual demand overflow from the brand-new sale market to the resale market may prop up rates of mass-market resale condominiums better this year,” Sun predicted.
Year-on-year, OCR resale condos have seen the best increase at 11.8%, contrasted to CCR resale apartments at 7.1% and RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that in spite of last December’s cooling steps, the cost boost is due to demand much overtaking supply, specifically in the suburbs.
” We estimate that less than 7,000 new condominiums (leaving out EC) will be launched available for sale this year. Of this number, only 30% or approximately 2,100 units will be in the Beyond Central Region (OCR), which will likely be insufficient to fulfill the yearly real estate demand from HDB upgraders.”
Sales quantity 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.
In addition to that, with the loosening of the risk-free administration actions, that includes enhancing the team size to 10 individuals, it is anticipated that there will certainly be more viewings and also sales in the forthcoming weeks.