Singapore, 12 Apr 2022 After falling in February, condominium selling volumes returned in March 2022, while prices rose for the 20th month in a row.
In March 2022, 1,302 resale units were sold, up 35.6 percent over the 960 units sold in February 2022. Volumes were 31.4 percent lower year over year, but 7.8 percent higher than the 5-year average for March.
“Prices are being propped up as demand far outstrips supply in some locations, especially in the suburban region,” said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.
OrangeTee & Tie estimates that less than 7,000 new condominiums (excluding executive condominiums) will be released for sale this year. Only 30 per cent of this number will be located in the OCR, which is likely insufficient to meet the annual housing demand from HDB upgraders, Sun noted.