Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale condos have actually enhanced for the 20th straight month, with a month-on-month increase of 0.8%.
A steeper price rise for OCR resale condominiums
” We estimate that less than 7,000 brand-new condos (excluding EC) will certainly be released for sale this year. Of this number, just 30% or around 2,100 units will remain in the Beyond Central Region (OCR), which will likely be insufficient to meet the yearly housing demand from HDB upgraders.”
According to the 99. co and SRX record on the resale apartment market, the OCR market sector has documented the maximum increase at 1.4% in March 2022. In contrast, CCR resale apartment rates increased by 0.6%, while RCR resale condo costs plunged by 0.2%.
Year-on-year, OCR resale condos have seen the highest possible rise at 11.8%, compared to CCR resale condominiums at 7.1% as well as RCR resale condominiums at 7.3%.
This has actually brought about the more challenging boost in OCR resale apartments, contrasted to those in the CCR and RCR.
“Therefore, a constant demand spillover from the brand-new sale market to the resale market might prop up rates of mass-market resale condos further this year,” Sun predicted.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that despite last December’s cooling steps, the rate increase is due to demand far overtaking supply, specifically in the suburban areas.
Sales volume up by 35.6%
In addition to that, with the loosening of the secure management measures, that includes boosting the team size to 10 people, it is expected that there will certainly be more watchings as well as sales in the forthcoming months.
As the Chinese New Year lull period has passed, sales quantity has actually enhanced. An estimated 1,302 units were marketed last month, which converts to an increase of 35.6% from the 960 units resold in February.