by OrangeTee & Tie Pte Ltd.

HDB resale prices up 2.9% - biggest quarterly rise in over nine years

SRX HDB Resale Data

SRX HDB Resale Data

SG, 05 Jan 2021

The Housing Board resale market has remained strong despite macroeconomic uncertainties caused by the Covid-19 pandemic and an increasing supply of flats. HDB resale prices rose 2.9 per cent in the fourth quarter of 2020 from the previous three months, according to the latest HDB flash estimates released yesterday. It is the third consecutive quarter of increase and the biggest quarterly increase in over nine years - the last high recorded was in the third quarter of 2011, when HDB resale prices climbed 3.8 per cent over three months. The fourth quarter of 2020 also saw the steepest year-on-year increase in HDB resale prices since the third quarter of 2013, which saw a 6.5 per cent jump.

OrangeTee and Tie's head of research and consultancy Christine Sun said the HDB resale market recovery can be attributed to the slew of policy changes made over the past two years to make public housing more affordable and enhance the attractiveness of older flats. "Many new flats which command higher prices have also been transacted over the past few months, which may have 'uplifted' the overall price index in the last quarter," said Ms Sun.

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