From February to March this year, resale transactions of private non-landed homes increased, with 700 units resold in March compared with 606 units in February. However, home prices barely moved during this period.
Unprecedented Triple Whammy in Real Estate Industry
Resale prices and sales of non-landed private homes in February this year were hit by a rare “triple whammy” – the COVID-19 pandemic, the Chinese New Year seasonal slowdown, and the supply of new units from recent launches.
Prices of resale homes slipped by 8% while the sales volume fell by 13.1% in February compared with January this year.
Prices dipped across all three market segments:
- Properties Outside Central Region (OCR) had the biggest decline of 1.3%.
- Prices dipped just 0.1% for apartments in the prime districts or Core Central Region (CCR)
- Prices decreased by 0.8% for those in the city fringes or Rest of Central Region (RCR)
Year-on-Year Increase in Private Resale Prices
Year-on-year (YOY), the private resale prices were up by 0.8% over February 2019. All regions saw YOY price increases in February 2020:
- CCR by 0.8%
- RCR by 1.6%
- OCR by 0.2%
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Source: The Straits Times, The Straits Times
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