SG, 10 Nov 2020 The resale condo market reached a two-year high in October with 1,509 units changing hands the same month, according to flash figures from real estate portal SRX Property on Tuesday (Nov 10). It trumped the 1,311 transactions recorded in August, which was the highest monthly resale volume since May 2018. October's sales figure represented a 21.6 per cent jump from the 1,241 non-landed private units resold in September.
Christine Sun, head of research and consultancy at OrangeTee & Tie, said the strong demand for properties across the various market segments spurred more sellers to put up their units for sale.
“In light of the pandemic, sellers were more willing to negotiate prices and the 'realistic asking prices' have resulted in more deals being closed in recent weeks,” she said.
Ms Sun estimates that around 8,500 to 9,000 resale homes could be sold this year as the coronavirus situation continues to stabilise in Singapore and as the country prepares to enter Phase Three of its reopening. Sales volume may increase slightly to between 9,000 and 10,000 units in 2021, she added