Overall private home prices rose by 0.3% q-o-q in 2Q2020
Exclusive residence contracts raised to 1,080 units in July, the highest possible past November 2019. General residential property sales prices have in addition increased by 0.3% q-o-q as a repercussion of pent-up interest, basing on to a report by Edmund Tie’s Private Homes Report. It connects greater requirement to the low rate of interest environment along with the big quantity of liquidity in the system.
Besides that, buyers are using a mid- to long-term perspective of the market to invest into well positioned plus produced projects including some developers have furthermore used “star purchases” and also put together flexible creation benefits and wellness within their compositions, constructing them specially captivating, shares Ong Choon Fah, CEO at Edmund Tie.
25% of condos closed in 2Q2020 were under $1 million, which is five percentage points over in 1Q2020. In the CCR, profits were top by Kopar at Newton, with units primarily any where from $2 million and $3 million. In the RCR, transactions were pushed by Parc Esta plus Stirling Residences, with units predominately any where from $1 million and $1.5 million.
Although traveling limitations have impacted foreign interest, Singaporean investments have offseted the slack and justified 80% of non-landed home deals in 2Q2020, raise from 77% in the former quarter.
The release furthermore explains that buyers are switching over from units under 500 sq ft, which represented lesser than 10% of complete deals, declining from 14% in 1Q2020. Units between say 500 sq feet along with 700 sq feet rose by three percent points to 36% in 2Q2020. Edmund Tie mentions that this perhaps as an effect of the raise of remote working.