Singapore, 26 Feb 2020 The prices of local new private homes have gradually risen, but the prices of resale private homes have grown much slower. As a result, the price gap between new private homes and resale private homes has recently widened to nearly 30%, creating the largest gap in nearly 10 years.
Christine Sun, head of research and consultancy at OrangeTee & Tie, said that new private houses are improving their design and is equipped with smart technology and brand new facilities. Buyers would not need to spend much to renovate, favouring them. Prices have skyrocketed, up 36% in the past five years while resale of private homes only rose by 14%, as the gap widens between the two markets.