Singapore Property | Non-landed homes and condo in Singapore have seen a 17% increase in March. This is an increase over the previous month according to real estate data from SRX Property on Tuesday. However, when compared to last year the resale volume was just 13 percent lower and 21 percent below the five-year average volume for March.
The SRX data also showed an estimated 709 units resold in March and this was more than the previous month which recorded a resale of 606 units. February low sales were the result of the outbreak of coronavirus outbreak and more. The increase in sales is an amazement to researchers and consultants. Christine Sun, head of research and consultancy Orange Tee & Tie’s said some negotiations could have been finalized before the end of February or were near completion before the escalation of the coronavirus crisis.
More on Singapore condo resale rise by 17% in March
As a result, buyers were in urgent need of new homes. This could be the reason buyers could have rushed to seal the deal before stricter safe distancing measure was put in place.
“We may see sales beginning to decrease the following month as house viewings are currently being pushed to a later date as a result of outbreak measures,” said Miss. Sun.
Nicholas Mak, Head of research and consultancy ERA Realty, has recently that he sees the resale volume in April to be the usual monthly volume of 600 – 900 units, even with the reduction on house viewings.
The SRX data for March also showed how overall resale prices edge up by 0.1% over February and 0.4% from March 2019. The SRX data displays the highest price for a resale unit the previous month was $10.5 million. And this is for a luxury freehold apartment located at The Ritz Carlton Residences in Cairnhill Road.