Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condos have increased for the 20th straight month, with a month-on-month increase of 0.8%.
A steeper price rise for OCR resale condominiums
According to the 99. co and SRX record on the resale condo market, the OCR market section has actually recorded the highest possible increase at 1.4% in March 2022. In contrast, CCR resale condominium costs rose by 0.6%, while RCR resale condominium costs plunged by 0.2%.
This has actually resulted in the higher boost in OCR resale condominiums, opposed to those in the CCR as well as RCR.
“Therefore, a consistent need spillover from the brand-new sale market to the resale market might prop up prices of mass-market resale condominiums further this year,” Sun forecasted.
” We approximate that less than 7,000 new condominiums (leaving out EC) will certainly be released for sale this year. Of this number, only 30% or around 2,100 units will certainly be in the Outside of Central Region (OCR), which will likely be insufficient to meet the yearly real estate request from HDB upgraders.”
Year-on-year, OCR resale apartments have seen the highest possible increase at 11.8%, compared to CCR resale condos at 7.1% and 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 steps, the rate boost is due to demand far outstripping supply, especially in the suburban areas.
Sales quantity up by 35.6%
In addition to that, with the relaxation of the risk-free administration procedures, which includes enhancing the group size to 10 individuals, it is anticipated that there will be much more watchings as well as sales in the forthcoming months.
As the Chinese New Year break season has actually passed, sales quantity has actually enhanced. An approximated 1,302 units were marketed last month, which translates to a rise of 35.6% from the 960 units marketed in February.