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SINGAPORE – The privately owned resale market continued to rebound not only from the fallout from Covid-19, but also from the 2018 cooling measures, with prices and sales volume rebounding again in November.
Overall resale prices rose for the fourth month in a row, rising 0.3 percent month-over-month in November, according to advance figures from real estate portal SRX Property on Tuesday (December 15). Year-over-year, prices were up 1.3% from November 2019.
Resale prices also increased across the board in November: prices in the central central region (CCR), the rest of the central region (RCR) and outside the central region (OCR) increased by 0.5%, 0.1% and 0.3% the following month. month.
Meanwhile, private condo resale volume increased 1.4 percent from October to 1,426 units last month, data from SRX showed. That figure is 83.5 percent higher year-on-year and 76 percent higher than the five-year average volume for the month of November.
Taking into account SRX’s estimate for resale condominiums for November, the number of private home resale transactions has reached more than 9,200 units in the first 11 months of 2020, already exceeding the total of 8,949 units for all of 2019, noted the PropNex’s head of research and content, Wong Siew. Ying.
Private home resale volume could exceed 10,500 units this year, although it is not likely to reach the 13,009 units registered in 2018, he added.
Demand and prices for resale homes had waned since the property cooling measures were implemented in July 2018, with monthly transactions below 1,000 units. But from July to November this year, monthly sales exceeded 1,000 units.
The resale market has recovered strongly, after a slow second quarter that included the circuit interruption period, driven by stifled demand, a better match in price expectations between sellers and buyers, as well as the recovery of the confidence as Singapore’s economy continues to recover. Ms. Wong said.
“However, with the arrival of healthy demand, we expect sellers to hold their selling price firm or increase the price of more attractive units,” he said.
OrangeTee & Tie Director of Research and Consulting Christine Sun said: “Many investors have already looked beyond the current headwinds and are confident of the success of a vaccine, and are optimistic that the global economy may see better days ahead.
“We anticipate that resale home sales may continue to grow moderately 8-10 percent next year, to around 9,000 to 10,000 units. Prices may rise as much as 1 percent in 2021.”
The highest transaction price in November was for a luxury resale apartment at Nassim Jade in Main District 10 that sold for $ 11.7 million.
The highest transaction price in RCR (urban fringes) was $ 6.9 million for a unit at Corals in Keppel Bay in the Harbourfront area, while a unit at The Chuan, in Lorong Chuan, sold for $ 3 , 6 million, the highest price in the OCR.
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