THE number of condominium resale units changing hands continued to fall in November, after registering a sharp decrease the month before, according to flash figures from SRX and 99.co on Tuesday (Dec 13).
This came as high interest rates and cooling measures weighed on buyer demand, particularly price-sensitive Housing & Development Board (HDB) upgraders, property analysts said.
Condo resale volumes were down 9.4 per cent to around 1,124 units, compared with 1,240 units resold in October. Volumes were 30.4 per cent lower than a year ago and 4.1 per cent lower than the five-year average volumes for the month of November.
More than half (59.2 per cent) of resale transactions took place in the Outside Central Region (OCR), followed by 22.4 per cent from the Rest of Central Region (RCR) and 18.5 per cent from the Core Central Region (CCR).
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, said that some condo owners could also be keeping their units instead of selling due to the strong rental market, where rental income is high.