Singapore, 28 Mar 2023 The condominium resale market picked up pace in February, following the Chinese New Year seasonal lull period the month before, with prices rising 1.4 per cent.
More resale condo units changed hands in February, with an estimated 756 units resold, representing a 50.3 per cent increase from the 503 units the month before, according to flash figures from real estate portals 99.co and SRX released on Tuesday.
OrangeTee & Tie senior vice-president of research and analytics Christine Sun said that although transactions rebounded in February, figures are still below the past 12-month average from January 2021 to February 2022.
Fewer units were also resold in February, compared with the 789 units in the same month a year ago, she added.
“Last month’s sales rebound may not indicate a market recovery after the cooling measures,” said Ms Sun, citing global economic uncertainties such as the woes in the financial sector and elevated mortgage rates and borrowing costs as factors that could dampen market sentiment.