Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR

Costs of resale condominiums have actually enhanced for the 20th consecutive month, with a month-on-month increase of 0.8%.

According to the 99. co and also SRX report on the resale apartment market, the OCR market sector has actually documented the highest possible boost at 1.4% in March 2022. In comparison, CCR resale condo prices rose by 0.6%, while RCR resale condo costs plunged by 0.2%.

The Florence Residences condo

A steeper rate increase for OCR resale condos

Year-on-year, OCR resale condos have seen the highest possible increase at 11.8%, compared to CCR resale apartments at 7.1% as well as RCR resale condominiums at 7.3%.

Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that despite last December’s cooling procedures, the rate rise is because of request far overtaking supply, especially in the residential areas.

“We approximate that less than 7,000 brand-new condominiums (excluding EC) will certainly be launched to buy this year. Of this number, only 30% or approximately 2,100 units will be in the Outside of Central Region (OCR), which will likely be insufficient to fulfill the yearly real estate request from HDB upgraders.”

This has led to the stifler increase in OCR resale condos, compared to those in the CCR and also RCR.
“As a result, a continuous need overflow 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%

With the loosening of the secure supervision measures, that includes raising the group size to 10 people, it is anticipated that there will be extra watchings and also sales in the forthcoming months.

As the Chinese New Year break occasion has actually passed, sales quantity has actually boosted. An estimated 1,302 units were resold last month, which equates to a rise of 35.6% from the 960 units re-selled in February.

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