Condo resale prices rise for 4th consecutive month

SINGAPORE: The resale prices of condominium units in Singapore have surged for the fourth consecutive month, according to unofficial estimates jointly released by real estate platforms 99.co and SRX. The data indicates a persistent upward trajectory in resale prices and a modest increase in transaction volumes.

The report reveals that the overall condominium resale prices experienced a 0.4 per cent month-on-month increase in November. Notably, the core central area witnessed the steepest surge, with resale prices soaring by 3.1 per cent. Meanwhile, condominiums outside the central region also saw a noteworthy uptick of 0.9 per cent, whereas resale prices in other central areas witnessed a marginal decline of 1.3 per cent.

In comparison to last year’s period, the overall private condominium resale prices witnessed a substantial increase of 7.4 per cent last month.

In terms of transaction volume, an estimated 848 units changed hands last month, indicating a slight month-on-month increase of 0.1 per cent and a more significant year-on-year rise of 6.3 per cent. Analysts are interpreting this as a sign of resilience in the market.

Trading volumes have remained relatively steady, suggesting sustained interest in the condominium resale market. Analysts attribute this stability to the limited supply of new private residential projects this year, particularly in the current quarter. This scarcity in new projects is seen as a contributing factor to the continued upward trend in condominium resale prices.

Experts believe the surge in resale prices, particularly in the core central area, could indicate increased demand for properties in prime locations. This region’s 3.1 per cent increase surpasses the overall monthly growth, highlighting the desirability of condominiums in Singapore’s central districts.