by OrangeTee & Tie Pte Ltd.

S'pore condo resale prices up 0.9% to new high in May, volume dips amid Covid-19 curbs

SRX Private Residential Data

SRX Private Residential Data

Singapore, 09 Jun 2021

SINGAPORE - The private resale housing market saw prices in May inch up 0.9 per cent to a new high, even while the number of condominium units resold dipped by 11.4 per cent as tightened Covid-19 measures restrict property viewings.

The limit on group sizes, which is in place till June 13, has put a slight drag on resale volume, with 1,722 units changing hands last month, compared with 1,944 units in April, according to flash data from real estate portal SRX released on Tuesday (June 8).

However, the sales drop was not as drastic compared with the circuit breaker period last year when volume plunged 57.6 per cent from 747 units in March 2020 to 317 units in April 2020, noted Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie.

Ms Sun said last month's sales decline was mitigated by buyers and agents growing more accustomed to remote viewings. Also, some buyers probably viewed the units before restrictions kicked in and were able to proceed with their home purchases, she added.

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