Condo Resale Volume Rises 35.6% in March

by Albert02

Condo Resale Volume Rises 35.6% in March

Resale condo prices rose for the 20th straight month in March, and the number of transactions also rose after six straight months of declines.

Resale prices for condos rose 0.8% last month, up from 0.6% in February, according to the latest data from real estate portals and SRX released on Tuesday (April 12).

Compared with March last year, prices rose 9.7%, the data showed.

Meanwhile, resale volumes rose 35.6%, with an estimated 1,302 units changing hands last month, up from 960 units the previous month.

But resale transactions fell 31.4% compared to March last year.

Resale volumes picked up last month after a seasonal lull in February and the easing of safety management measures, allowing more property tours, property analysts said.

Wong Siew Ying, head of research and content at PropNex Realty, said that despite the 30% additional stamp duty imposed on foreigners buying residential properties in Singapore, the easing of travel restrictions could lead to more foreign buyers visiting and buying residential properties in Singapore.

“Singapore remains an attractive investment destination with its stable political environment and currency, security and pro-business policies,” she said.

“Effective management of the pandemic and key steps taken to address Covid-19 will also help boost buyer and investor confidence.”

Ms Christine Sun, senior vice president of research and analysis at real estate firm OrangeTee & Tie, pointed out that some areas, such as suburbs, are experiencing supply shortages.

She estimates that fewer than 7,000 new condos (exclusive executive apartments) will be sold this year, of which 30 per cent, or around 2,100 units, will be in the suburbs.

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