Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Costs of resale condos have actually increased for the 20th consecutive month, with a month-on-month boost of 0.8%.
A steeper price increase for OCR resale condos
Year-on-year, OCR resale apartments have seen the highest possible increase at 11.8%, contrasted to CCR resale condominiums at 7.1% as well as RCR resale condominiums at 7.3%.
This has caused the higher rise in OCR resale condos, contrasted to those in the CCR and RCR.
“As a result, a regular need overflow from the new sale market to the resale market might prop up rates of mass-market resale condominiums better this year,” Sun forecasted.
” We approximate that less than 7,000 new condominiums (excluding EC) will certainly be launched offer for sale this year. Of this number, just 30% or approximately 2,100 units will remain in the Outside of Central Region (OCR), which will likely be insufficient to satisfy the annual real estate request from HDB upgraders.”
According to the 99. co and SRX report on the resale condominium market, the OCR market sector has actually documented the highest boost at 1.4% in March 2022. In comparison, CCR resale condo costs rose by 0.6%, while RCR resale condo costs plunged by 0.2%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that regardless of last December’s cooling steps, the cost rise is due to demand much outstripping supply, specifically in the suburban areas.
Sales quantity up by 35.6%
In addition to that, with the relaxation of the secure supervision measures, that includes boosting the group size to 10 people, it is anticipated that there will be more viewings and sales in the following periods.
As the Chinese New Year break season has passed, sales volume has actually increased. An estimated 1,302 units were re-selled last month, which converts to an increase of 35.6% from the 960 units marketed in February.
