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

Rates of resale apartments have actually boosted for the 20th straight month, with a month-on-month rise of 0.8%.

According to the 99. co and SRX report on the resale apartment market, the OCR market segment has reported the highest possible increase at 1.4% in March 2022. In comparison, CCR resale condominium prices climbed by 0.6%, while RCR resale condo costs dropped by 0.2%.

A higher price increase for OCR resale apartments

Year-on-year, OCR resale condos have seen the maximum boost at 11.8%, contrasted to CCR resale apartments at 7.1% as well as RCR resale condos at 7.3%.

Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that despite last December’s cooling measures, the price rise results from demand much outstripping supply, specifically in the residential areas.

” We approximate that less than 7,000 brand-new condominiums (leaving out EC) will certainly be released to buy this year. Of this number, only 30% or around 2,100 units will certainly remain in the Outside of Central Region (OCR), which will likely be insufficient to satisfy the yearly housing need from HDB upgraders.”

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This has actually led to the steeper boost in OCR resale condominiums, contrasted to those in the CCR and RCR.

“For that reason, a consistent demand overflow from the new sale market to the resale market may prop up rates of mass-market resale condominiums additionally this year,” Sun predicted.

Sales volume up by 35.6%

As the Chinese New Year break occasion has passed, sales volume has actually boosted. An estimated 1,302 units were re-selled last month, which translates to a boost of 35.6% from the 960 units re-selled in February.

In addition to that, with the loosening of the secure supervision procedures, which includes enhancing the team size to 10 people, it is expected that there will certainly be a lot more watchings and sales in the following periods.

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