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

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

A steeper rate boost for OCR resale condos

This has actually resulted in the steeper rise in OCR resale condos, compared to those in the CCR and RCR.

“As a result, a regular demand overflow from the brand-new sale market to the resale market may prop up rates of mass-market resale condominiums even more this year,” Sun anticipated.

Year-on-year, OCR resale apartments have seen the maximum rise at 11.8%, compared to CCR resale apartments at 7.1% and RCR resale condos at 7.3%.

Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that regardless of last December’s cooling steps, the rate increase is because of request far outstripping supply, particularly in the suburbs.

The M Condo Wing Tai Asia

” We approximate that less than 7,000 new condominiums (leaving out EC) will be launched available this year. Of this number, only 30% or approximately 2,100 units will remain in the Outside of Central Region (OCR), which will likely be insufficient to fulfill the annual housing need from HDB upgraders.”

According to the 99. co and also SRX record on the resale apartment market, the OCR market segment has actually recorded the maximum rise at 1.4% in March 2022. In comparison, CCR resale apartment costs increased by 0.6%, while RCR resale condo costs dropped by 0.2%.

Sales quantity up by 35.6%

With the loosening of the safe administration measures, that includes enhancing the group size to 10 individuals, it is expected that there will certainly be a lot more watchings and also sales in the coming months.

As the Chinese New Year lull season has 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 marketed in February.

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