More signs point to the fact that heightened activity in the local real estate market is here to stay. The sustained rise in resale condominium prices is but one of them.
Resale condominium prices rose 5% throughout the year
Prices have risen 0.5% from October following a 1.3% increase in October. Over the course of this year, a 5% rise shows steady movement upwards.
And year-on-year increases were reflected in all 3 regions. The largest rise was in the rest of central region, where prices rose 7.3%. In the core central region (CCR) and outside of central region, prices rose 7.1% and 5% respectively.
The low number of new launches in the prime districts could have accounted for buyers shopping in the resale condominium market instead. Resale volumes in November were almost doubled that of the same month last year. 1,475 units were sold last month, a 0.9% increase from the 1,462 units sold in October.
Short-term outlook for property market looking up
The rate and prices at which land were purchased this year by developers, however, means that new launches will hit the market in a couple of years. Buyers will then have a lot more options to choose from. The government as issued early warnings about a possible supply glut in 2 to 3 years’ time but for now, the outlook is bright.
The real estate market is finally showing resilience after 4 years of lull. Buyers confidence is boosted by the figural rises and the path ahead seems more than lukewarm. Property experts firmly believe that resale transactions increase in the months ahead.