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 and also SRX record on the resale condominium market, the OCR market sector has reported the highest boost at 1.4% in March 2022. In contrast, CCR resale condo prices climbed by 0.6%, while RCR resale apartment costs fell by 0.2%.

A higher rate increase for OCR resale condominiums.

Year-on-year, OCR resale apartments have seen the highest possible rise at 11.8%, contrasted to CCR resale condominiums 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 price increase is because of demand far overtaking supply, particularly in the suburban areas.

Leedon Green showflat location

” We approximate that less than 7,000 new condos (leaving out EC) will be released available 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 satisfy the annual housing need from HDB upgraders.”

This has caused the stifler boost in OCR resale apartments, opposed to those in the CCR and RCR.

“As a result, a continuous need spillover from the new sale market to the resale market might prop up prices of mass-market resale condominiums additionally this year,” Sun predicted.

Sales quantity up by 35.6%.

As the Chinese New Year break season has passed, sales volume has raised. An estimated 1,302 units were re-selled last month, which equates to a boost of 35.6% from the 960 units re-selled in February.

In addition to that, with the loosening of the safe administration measures, that includes increasing the group size to 10 individuals, it is anticipated that there will certainly be a lot more watchings and sales in the following weeks.

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