Singapore, 01 Oct 2021 Resale prices for HDB flats exceeded the previous peak in 2013 as prices climbed for six consecutive quarters.
Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie, said the current housing boom is largely fuelled by couples turning from the Build-To-Order (BTO) market to the resale market and upgraders who are buying bigger flats.
"More couples are opting for completed homes in the secondary market amid growing uncertainty about the completion dates of new BTO flats," she said.
"As private home prices have been rising and private home supply is dwindling in the suburban areas, some flat owners have chosen to upgrade to bigger flats which are still relatively more affordable than private housing. They may need more space as their families have expanded or to work more comfortably as work-from-home or hybrid work arrangements may become a norm."