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 boost of 0.8%.
According to the 99. co as well as SRX report on the resale condo market, the OCR market segment has recorded the maximum increase at 1.4% in March 2022. In contrast, CCR resale condominium costs increased by 0.6%, while RCR resale apartment rates dropped by 0.2%.
A steeper price rise for OCR resale apartments
” We approximate that less than 7,000 new condos (excluding EC) will certainly be launched offer for sale this year. Of this number, just 30% or around 2,100 units will certainly be in the Outside of Central Region (OCR), which will likely be insufficient to fulfill the annual real estate demand from HDB upgraders.”
Year-on-year, OCR resale apartments have seen the best boost at 11.8%, compared 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, explained that despite last December’s cooling steps, the rate increase is due to demand far outstripping supply, especially in the residential areas.
This has actually caused the stifler rise in OCR resale condominiums, contrasted to those in the CCR and also RCR.
“As a result, a constant demand spillover from the brand-new sale market to the resale market may prop up rates of mass-market resale condos additionally this year,” Sun predicted.
Sales volume up by 35.6%.
As the Chinese New Year lull season has actually passed, sales quantity has actually raised. An approximated 1,302 units were re-selled last month, which translates to a rise of 35.6% from the 960 units resold in February.
In addition to that, with the loosening of the risk-free administration actions, which includes enhancing the team size to 10 people, it is expected that there will be much more viewings and sales in the forthcoming months.