Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have increased for the 20th consecutive month, with a month-on-month increase of 0.8%.
According to the 99. co as well as SRX report on the resale apartment market, the OCR market segment has actually reported the best rise at 1.4% in March 2022. In comparison, CCR resale apartment costs climbed by 0.6%, while RCR resale condo rates plunged by 0.2%.
A steeper price rise for OCR resale condos.
” We estimate that less than 7,000 new condominiums (omitting EC) will be released up 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 satisfy the yearly real estate request from HDB upgraders.”
Year-on-year, OCR resale condominiums have seen the highest possible rise at 11.8%, compared to CCR resale condominiums at 7.1% and also RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that regardless of last December’s cooling actions, the price boost is because of request far outstripping supply, specifically in the suburbs.
This has caused the stifler increase in OCR resale apartments, contrasted to those in the CCR and also RCR.
“For that reason, a continual need spillover from the brand-new sale market to the resale market may prop up costs of mass-market resale condos further this year,” Sun forecasted.
Sales quantity up by 35.6%
As the Chinese New Year lull period has passed, sales quantity has actually increased. An estimated 1,302 units were resold last month, which translates to an increase of 35.6% from the 960 units marketed in February.
In addition to that, with the relaxation of the risk-free management actions, which includes raising the team size to 10 people, it is anticipated that there will be more watchings as well as sales in the forthcoming weeks.