Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have actually boosted for the 20th straight month, with a month-on-month boost of 0.8%.
A higher price increase for OCR resale condos
Year-on-year, OCR resale apartments have seen the highest increase at 11.8%, contrasted to CCR resale condominiums at 7.1% and also RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that in spite of last December’s cooling procedures, the price rise is because of request far overtaking supply, especially in the suburbs.
This has led to the more challenging increase in OCR resale condos, compared to those in the CCR as well as RCR.
“Consequently, a constant need spillover from the new sale market to the resale market might prop up rates of mass-market resale condos even more this year,” Sun anticipated.
As the Chinese New Year lull season has actually passed, sales volume has actually raised. An estimated 1,302 units were re-selled last month, which translates to an increase of 35.6% from the 960 units resold in February.
” We approximate that less than 7,000 new condominiums (excluding EC) will be launched available this year. Of this number, just 30% or approximately 2,100 units will be in the Beyond Central Region (OCR), which will likely be insufficient to meet the annual real estate need from HDB upgraders.”
According to the 99. co and also SRX report on the resale apartment market, the OCR market section has actually documented the highest rise at 1.4% in March 2022. In comparison, CCR resale apartment costs climbed by 0.6%, while RCR resale condo prices plunged by 0.2%.
Sales volume up by 35.6%
In addition to that, with the relaxation of the risk-free management procedures, that includes raising the team size to 10 people, it is anticipated that there will be much more watchings and also sales in the forthcoming periods.
As the Chinese New Year lull season has actually passed, sales volume has actually raised. An estimated 1,302 units were re-selled last month, which translates to an increase of 35.6% from the 960 units resold in February.
