SG, 12 Jan 2021 With the breathless pursuit of property in Singapore despite Covid-19, 2020 ended on a robust showing in the condo resale market. Resale transactions for non-landed private homes rose 18.1 per cent in 2020 from a year ago, flash figures from SRX Property showed on Tuesday. A total of 10,712 properties changed hands. For the whole of last year, resale prices rose by 1.4 per cent, with Nicholas Mak, ERA Realty's head of research and consultancy, noting that the price index ended 2020 on the highest level since statistics from the real estate portal were made publicly available. The gain was a touch weaker than the 1.8 per cent increase recorded in 2019.
Christine Sun, OrangeTee & Tie director, senior vice-president of research and analytics, said with low mortgage rates, a tight supply of new homes entering the market and a possible economic recovery, the private resale market may continue to improve this year. "We anticipate that sales of resale homes may continue to increase moderately this year, and the number of transactions could reach 11,000 units. Resale prices may increase further by 1 to 4 per cent for the whole of 2021," she noted.