Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have actually enhanced for the 20th straight month, with a month-on-month increase of 0.8%.
A higher cost rise for OCR resale apartments
According to the 99. co and also SRX report on the resale apartment market, the OCR market sector has actually recorded the highest rise at 1.4% in March 2022. In contrast, CCR resale condominium costs rose by 0.6%, while RCR resale condominium prices fell by 0.2%.
” We approximate that less than 7,000 brand-new condominiums (omitting EC) will certainly be released up for sale this year. Of this number, only 30% or approximately 2,100 units will certainly remain in the Beyond Central Region (OCR), which will likely be insufficient to meet the yearly housing request from HDB upgraders.”
This has brought about the higher rise in OCR resale condominiums, opposed to those in the CCR and also RCR.
“For that reason, a continuous need overflow from the new sale market to the resale market might prop up prices of mass-market resale condominiums additionally this year,” Sun anticipated.
Year-on-year, OCR resale condos have seen the highest possible rise at 11.8%, contrasted to CCR resale condos at 7.1% as well as RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that despite last December’s cooling steps, the rate rise results from request far overtaking supply, particularly in the suburban areas.
Sales quantity up by 35.6%
As the Chinese New Year lull period has actually passed, sales quantity has raised. An approximated 1,302 units were resold last month, which equates to a boost of 35.6% from the 960 units re-selled in February.
In addition to that, with the relaxation of the safe supervision measures, which includes enhancing the team size to 10 people, it is anticipated that there will certainly be more watchings as well as sales in the coming months.
