Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale apartments have actually enhanced for the 20th consecutive month, with a month-on-month boost of 0.8%.
A higher cost increase for OCR resale condominiums
This has resulted in the stifler increase in OCR resale apartments, contrasted to those in the CCR and also RCR.
“For that reason, a regular demand overflow from the brand-new sale market to the resale market might prop up prices of mass-market resale condos further this year,” Sun anticipated.
Year-on-year, OCR resale condos have seen the highest boost at 11.8%, contrasted to CCR resale condos at 7.1% and RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that regardless of last December’s cooling steps, the rate boost results from request much outstripping supply, especially in the residential areas.
According to the 99. co and SRX record on the resale condo market, the OCR market segment has actually documented the best rise at 1.4% in March 2022. In comparison, CCR resale apartment prices increased by 0.6%, while RCR resale condo rates plunged by 0.2%.
” We estimate that less than 7,000 brand-new condominiums (omitting EC) will be launched available this year. Of this number, just 30% or around 2,100 units will certainly remain in the Beyond Central Region (OCR), which will likely be insufficient to satisfy the yearly real estate request from HDB upgraders.”
Sales quantity up by 35.6%
As the Chinese New Year break period has passed, sales volume has boosted. An approximated 1,302 units were re-selled last month, which equates to a boost of 35.6% from the 960 units resold in February.
In addition to that, with the loosening of the secure management actions, that includes increasing the team size to 10 people, it is expected that there will certainly be much more viewings and also sales in the coming weeks.