Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR

Rates of resale condos have actually boosted for the 20th straight month, with a month-on-month boost of 0.8%.

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A steeper price rise for OCR resale apartments

According to the 99. co and also SRX report on the resale condominium market, the OCR market section has documented the maximum increase at 1.4% in March 2022. In contrast, CCR resale apartment prices rose by 0.6%, while RCR resale condo costs fell by 0.2%.

This has resulted in the more challenging boost in OCR resale condos, opposed to those in the CCR as well as RCR.

“Therefore, a constant need spillover from the new sale market to the resale market might prop up costs of mass-market resale condominiums better this year,” Sun forecasted.

” We estimate that less than 7,000 new condos (leaving out EC) will be released offer for sale 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 housing request from HDB upgraders.”

Year-on-year, OCR resale apartments have seen the maximum boost at 11.8%, compared 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, discussed that despite last December’s cooling steps, the cost rise results from demand much outstripping supply, specifically in the suburbs.

Sales quantity up by 35.6%

As the Chinese New Year lull season has actually passed, sales quantity has actually enhanced. An estimated 1,302 units were re-selled last month, which equates to an increase of 35.6% from the 960 units marketed in February.

In addition to that, with the loosening of the risk-free supervision measures, that includes enhancing the group size to 10 individuals, it is expected that there will be a lot more watchings as well as sales in the forthcoming periods.

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