Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have enhanced for the 20th consecutive month, with a month-on-month rise of 0.8%.
According to the 99. co and also SRX record on the resale condo market, the OCR market sector has actually recorded the highest increase at 1.4% in March 2022. In contrast, CCR resale condo prices increased by 0.6%, while RCR resale condo costs fell by 0.2%.
This has actually led to the more challenging increase in OCR resale condominiums, opposed to those in the CCR as well as RCR.
“As a result, a continuous need overflow from the brand-new sale market to the resale market may prop up rates of mass-market resale condominiums better this year,” Sun predicted.
A steeper rate increase for OCR resale apartments
Year-on-year, OCR resale apartments have seen the best boost at 11.8%, contrasted to CCR resale condos at 7.1% and also RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that in spite of last December’s cooling measures, the rate rise is due to demand much overtaking supply, particularly in the residential areas.
” We approximate that less than 7,000 brand-new condominiums (omitting EC) will be launched for sale this year. Of this number, just 30% or approximately 2,100 units will be in the Beyond Central Region (OCR), which will likely be insufficient to satisfy the annual real estate request from HDB upgraders.”
Sales volume up by 35.6%.
On top of that, with the relaxation of the secure administration procedures, which includes increasing the team size to 10 individuals, it is anticipated that there will be more watchings and sales in the coming weeks.
As the Chinese New Year break period has passed, sales quantity has boosted. An approximated 1,302 units were re-selled last month, which translates to a rise of 35.6% from the 960 units re-selled in February.