The property market is picking up slowly but surely. Resale private non-landed property prices rose 6.2% over the year in 2017, with an increase of 0.4% in December.
Property market continues in the upward trend
The rate of increase in December was the same as that in November. The most promising sign perhaps is that price-increases were reflected across all districts. Prices in the Rest of Central Region (RCR) rose the most at 0.6% while that in the Core Central Region (CCR) and Outside of Central Region (OCR) rose 0.3%.
Over the 12-month period last year, resale private apartment prices rose across the board. The biggest growth came from the RCR at almost 9%. In the CCR and OCR, the 12-month run ended with prices at 6.2% and 4.4% higher respectively.
Resale volume did, however, fall 38.3% in December. Only 895 units were sold compared to November’s 1,450 units. But that is understandable considering it is the usual year-end festive lull period and there was also a lack of new launches.
New launches this year expected to boost property market further
Prices of all private properties – landed, non-landed, new and resale – rose 1% last year. The number of successful collective sale transactions last year could have propelled a pool of ready buyers into the private property market. Their need for replacement homes may have also boosted private residential prices and the rental market.
This year, as developers who have successfully replenished their land banks last year move into the development and sales stage, the property market may also respond with exuberance.