Condominium resale prices rise for 21st consecutive month in April, suburban prices hit new high

SINGAPORE — Prices for resale condominiums edged up for the 21st consecutive month in April, as transactions fell slightly as the market stabilized following housing cooling measures.

Last month, condo resale prices rose at a slower pace of 0.7% compared to March’s 0.8%, according to flash figures from real estate portals and SRX released on Tuesday (May 10).

Compared to April last year, prices were up 9%, the data showed.

Suburban condo prices hit a new high since 1995 and are up 10.8% from April last year, noted Christine Sun, senior vice president of research and analytics at OrangeTee. & Tie.

“This could be due to an increase in the number of buyers who have turned from the primary market to the secondary market given the tight supply of new housing in the suburbs,” she said.

Prices for resale condominiums in the suburbs are expected to remain high as the supply of new condominiums will remain low this year, she added.

Meanwhile, resale volume fell 2.2%, with around 1,368 units changing hands last month, compared to 1,399 units the previous month.

Resale transactions were down 31.3% from April last year, but were still 17.8% above the five-year average for the month of April.

It could mean the resale market is on the road to recovery, four months after the property cooling measures were introduced, property analysts said.

Last December, Additional Buyer’s Stamp Duty (ABSD) rates were raised from 12% to 17% for citizens buying their second residential property, and from 15% to 25% for those buying their third. and the following.

The borrowers’ total debt service ratio was reduced from 60% to 55%.

Resale volume had fallen for six straight months starting last September, but picked up again in March as security management measures eased, which facilitated more property viewings.

Ms. Sun said, “Despite a slight decline in volumes, the total resale volume still hovered above 1,300 units in April, which is significantly higher than the number of deals signed in January and February.”

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