The resale volume of condominiums increased by 35.6% in March after a 6-month decline; price up 0.8%

SINGAPORE — Resale condominium prices edged up for the 20th consecutive month in March, as the number of transactions also increased after falling for six straight months.

Last month, condo resale prices rose at a faster pace of 0.8% compared to February’s 0.6%, according to flash figures from real estate portals and SRX released on Tuesday (April 12th).

Compared to March of last year, prices were up 9.7%, the data showed.

Meanwhile, resale volume soared 35.6%, with around 1,302 units traded last month, compared to 960 units the month before.

But resale transactions were down 31.4% from March last year.

Property analysts said last month’s resale volume rebounded after February’s seasonal lull and the easing of safe management measures, which facilitated more property viewings.

PropNex Realty’s head of research and content, Wong Siew Ying, said the easing of travel restrictions could potentially see more overseas buyers visit and buy residential properties in Singapore, despite the additional stamp duty of 30% for foreigners buying residential property here.

“Singapore continues to be an attractive investment destination, with its stable political environment and currency, safety and security and business-friendly policies,” she said.

“Effectively managing the pandemic and taking decisive action to live with Covid-19 will also help boost buyer and investor confidence.”

Ms. Christine Sun, senior vice president of research and analytics at real estate firm OrangeTee & Tie, noted supply was lacking in some areas, such as the suburbs.

She estimated that less than 7,000 new condos – excluding executive condominiums – will go on sale this year, 30% of which, or about 2,100 units, will be in the suburbs.

“That will likely be insufficient to meet the Housing Council’s annual renovator housing demand,” Ms Sun said.

Huttons Asia managing director Mark Yip said: “Some buyers have been looking to the resale market as there were no launches in March.”

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