Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condos have raised for the 20th consecutive month, with a month-on-month increase of 0.8%.
According to the 99. co and SRX record on the resale condo market, the OCR market section has actually recorded the maximum boost at 1.4% in March 2022. In contrast, CCR resale apartment costs increased by 0.6%, while RCR resale condo rates dropped by 0.2%.
A higher price increase for OCR resale apartments
Year-on-year, OCR resale condominiums have seen the highest increase at 11.8%, contrasted to CCR resale apartments 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 in spite of last December’s cooling procedures, the rate rise results from demand much outstripping supply, specifically in the suburban areas.
This has actually resulted in the higher boost in OCR resale apartments, opposed to those in the CCR as well as RCR.
“For that reason, a constant demand overflow from the new sale market to the resale market may prop up costs of mass-market resale condominiums further this year,” Sun forecasted.
” We estimate that less than 7,000 brand-new condos (excluding EC) will certainly be launched offer for sale this year. Of this number, just 30% or approximately 2,100 units will certainly remain in the Beyond Central Region (OCR), which will likely be insufficient to satisfy the yearly housing request from HDB upgraders.”
Sales volume up by 35.6%
As the Chinese New Year break season has actually passed, sales volume has actually boosted. An approximated 1,302 units were marketed last month, which translates to a boost of 35.6% from the 960 units marketed in February.
In addition to that, with the relaxation of the secure management measures, that includes raising the team size to 10 individuals, it is anticipated that there will be extra watchings and sales in the forthcoming weeks.