Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale condos have actually boosted for the 20th straight month, with a month-on-month rise of 0.8%.
A higher cost increase for OCR resale condos
” We approximate that less than 7,000 new condos (leaving out EC) will certainly be released to buy this year. Of this number, only 30% or around 2,100 units will be in the Outside of Central Region (OCR), which will likely be insufficient to satisfy the yearly housing need from HDB upgraders.”
This has actually led to the stifler increase in OCR resale condominiums, contrasted to those in the CCR as well as RCR.
“Consequently, a regular demand overflow from the brand-new sale market to the resale market may prop up rates of mass-market resale condos further this year,” Sun anticipated.
According to the 99. co and also SRX record on the resale condominium market, the OCR market sector has documented the highest possible boost at 1.4% in March 2022. In contrast, CCR resale condominium costs rose by 0.6%, while RCR resale condominium prices plunged by 0.2%.
Year-on-year, OCR resale condos have seen the maximum increase at 11.8%, contrasted to CCR resale condos at 7.1% as well as RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that in spite of last December’s cooling measures, the price boost is because of request far outstripping supply, particularly in the suburbs.
Sales volume up by 35.6%
As the Chinese New Year lull season has passed, sales quantity has actually raised. An estimated 1,302 units were marketed last month, which converts to a boost of 35.6% from the 960 units re-selled in February.
In addition to that, with the loosening of the risk-free administration procedures, that includes enhancing the group size to 10 individuals, it is expected that there will certainly be much more viewings and sales in the forthcoming months.