by OrangeTee & Tie Pte Ltd.

Condo resale prices, volume fall in Feb

SRX Private Residential Data

February 2020 Data

Singapore, 11 Mar 2020

Resale prices and sales of non-landed homes fell slightly in the month of February as a result of suspected reduced buying interest due to the outbreak of the Covid-19 virus.

"The temporary pullback in sales is not surprising," said Orange Tee & Tie's head of research and consultancy Christine Sun, who observed the triple whammy.

She said: "Given the heightened awareness of Covid-19, some owners and potential buyers had postponed their house viewings and this may have resulted in fewer deals being closed last month. Developers have also continued to launch new homes, which may have drawn some demand from the secondary market.

"Some potential buyers had also held off purchases amid hopes of lower prices in the light of the current uncertain external environment. In comparison, sellers, especially deep-pocketed ones, may be holding off for better offers. Sales may likely improve when the Covid-19 situation stabilises."

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