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Singapore Condo Resale Prices On The Rise
Resale prices of non-landed private homes in Singapore rose for the fourth straight month in November, flash figures from real estate portal SRX Property on December 15th. Overall prices wer
BY
Realty Plus
Published - Thursday, 17 Dec, 2020
Resale prices of non-landed private homes in Singapore rose for the fourth straight month in November, flash figures from real estate portal SRX Property on December 15th. Overall prices were up 0.3 per cent from October 2020, and up 1.3 per cent from November 2019. All regions saw price increases in November 2020. Month on month, the core central region (CCR) was up 0.5 per cent, the rest of central region (RCR) or city fringes rose 0.1 per cent, while the outside of central region (OCR) rose by 0.3 per cent.Year on year, the RCR and OCR rose by 1.8 per cent and 1.4 per cent respectively, while CCR prices dropped by 0.6 per cent.
Resale volumes were up 1.4 per cent to about 1,426 units resold in November, from 1,407 units resold a month ago. Volumes were 83.5 per cent higher year on year and 76 per cent higher than the five-year average volumes for the month of November. By region, 59.7 per cent of volumes were from the OCR, 23.3 per cent was from the RCR and 17 per cent from the CCR. Research heads from ERA Realty and PropNex expect the number of private housing units changing hands in the secondary market to exceed the 9,238 units transacted in 2019.
For 2021, the improvement in market sentiment and the return of foreign buyers could see the secondary market volume increase to 10,000 to 11,000 units next year. Christine Sun, head of research and consultancy at OrangeTee & Tie, anticipates that sales of resale homes may continue to rise moderately by about 8 to 10 per cent next year, to around 9,000 to 10,000 units. Prices may rise up to 1 per cent in 2021. Investors around the world are gearing up for a steadier recovery in 2021.
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