Singapore’s Condo Resale Prices Rise By 1.1%
Prices of resale condominium units climbed for the 28th straight month in November, while the number of units sold dropped further following the latest property cooling measures. Condo resale prices rose at a quicker pace of 1.1 percent compared with October’s 0.3 percent, according to flash figures from real estate portals 99.co and SRX. Compared with November 2021, prices were up by 10.8 percent, with those in the city fringe rising the most at 12.2 percent, data showed. Property analysts attributed the continuous price gain to the lack of new condo launches and low stock. Resale volume declined by 30.4 percent compared with November 2021 and was lower than the five-year average for the month of November. The year-end lull – as would-be buyers travel overseas – led to lower transaction volume, said Chu. He expects transactions to remain at a subdued level until after Chinese New Year. In November, condos in the suburbs accounted for 59.2 percent of total condo sales. Homes in the city fringes accounted for 22.4 percent, while the remaining 18.5 percent were in core central Singapore. Prices for condos in the suburbs grew by 0.1 percent in November. The gap in the median transacted price between new non-landed private homes, excluding executive condominiums, and resale condos has widened slightly from October to November, according to data from URA Realis. This makes resale properties appealing to buyers with a smaller housing budget. More condos will be completed in 2023, which may exert downward pressure on prices. Nonetheless, mid-sized homes and large units in the suburbs may be in demand as they are more affordable compared with new condos. Private home owners affected by the 15-month wait-out period if they were to buy an HDB resale flat may turn back to the private market, she added.