Resale condo prices rise on the back of collective sales in Singapore
Could the recent collective sales high temperature have had an effect on the resale condo market?
Resale condominium costs rise 1% in January
In the first month of 2018 alone, resale condominium prices have climbed 1%. The speed of increment is quick taking into consideration that costs have actually been stable for at least a few quarters currently. The price-rise for resale non-landed houses corresponds island vast. Costs in the core main region, main area and outdoors main area increased 1.2%, 1.4% and 0.6% specifically. Compared with January 2017, resale condominium costs have actually climbed 6.3%. This is a promising sign as prices are currently simply 1.2% far from the last optimal in January 2014. We can visit the virtual resale condo at www.parclife.net/pricelist/.
More from condos sold en bloc seeking substitute residences
Among the factors for this fast spike in prices can be the boost in demand from house owners who have actually been displaced through the en bloc process. Those whose residences have been marketed through the collective sales procedure will now require a new place. As well as the resale market is gaining from this. They are less most likely to buy from new launches as these projects will just prepare in a few years' time. Area 10 freehold condo sold en bloc for 13% over reserve rate. An additional indicator of a recuperating realty market is the 99.8% boost in resale quantities last month in a year-on-year contrast with January 2017. Both resale and brand-new residence prices climbed 1.1% last year. Various other factors cited for the recent climb in numbers were a stable upturn in the economic climate as well as task market as well as the Federal government's tweak of the seller's stamp duty in March last year.