Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale condominiums have boosted for the 20th consecutive month, with a month-on-month rise of 0.8%.
A steeper rate increase for OCR resale condominiums
Year-on-year, OCR resale condos have seen the best boost at 11.8%, compared to CCR resale condos at 7.1% and RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that regardless of last December’s cooling actions, the rate increase is because of request far outstripping supply, especially in the suburban areas.
According to the 99. co as well as SRX report on the resale condominium market, the OCR market segment has recorded the highest increase at 1.4% in March 2022. In comparison, CCR resale apartment costs rose by 0.6%, while RCR resale apartment rates dropped by 0.2%.
” We estimate that less than 7,000 brand-new condos (excluding EC) will certainly be released available this year. Of this number, just 30% or approximately 2,100 units will be in the Outside of Central Region (OCR), which will likely be insufficient to meet the annual housing demand from HDB upgraders.”
This has actually brought about the higher increase in OCR resale condos, contrasted to those in the CCR as well as RCR.
“Consequently, a continuous demand overflow from the brand-new sale market to the resale market might prop up prices of mass-market resale condominiums better this year,” Sun anticipated.
Sales quantity up by 35.6%
In addition to that, with the relaxation of the secure management procedures, that includes enhancing the group size to 10 individuals, it is expected that there will certainly be much more viewings as well as sales in the coming weeks.
As the Chinese New Year break period has actually passed, sales volume has actually enhanced. An approximated 1,302 units were re-selled last month, which converts to a rise of 35.6% from the 960 units resold in February