The number of resale transactions was significantly higher in October than in comparison with what happened in September, an indicator that the real estate market is pretty much alive and kicking. Of course, while things are indeed much better than in previous years, the numbers are far from the exceptional ones achieved back in 2010 and 2014, two glorious years for this particular market sector. Thus, the month of October brought 1,461 non-landed private residences sold, in comparison with the 1,231 recorded in September. This means a growth of 18.7%, which is more than great from one month to another.
But, if we are to compare 2017 with 2016, the numbers achieved this year are significantly better than what happened in the previous year. So, in October 2017 there as an increase of 122% of resold units, in comparison with October 2016. But, even so, the numbers were far below those recorded in October 2017, with 27.8% less, to be more precise. If this trend will remain the same, the first 10 months of 2017 will manage to exceed the maximum number of resold private residences of 2016, forecast predicting a total number of 12,600 units resold by the end of the year, which means 65% more than 2016 when only 7,633 units were resold.
According to Mr. Wong Xian Yang, who leads the consultancy and research of Orange Tee, the volume of resold private residences is expected to grow continuously, fueled by the increasing demand. He also said that the unpreceded prices of private homes located in the outskirts of the city were triggered by rapid rises of land prices in the case of collective sales and sites sold through the Government Land Sale program. Also, last month, new records were established in the prices of resale private condos and apartments located on the outskirts of the city or rest of the Central Region. Properties in the suburbs or outside the Central Region had prices that grew the fastest, from month to month, recording a growth of 1.7%, in comparison with the rest that grew with only 1.5%. So, apparently, there is a tendency of people to move away from the busy center of the city, looking for a peaceful area to relax after a long day at work.
So, we can expect prices to continue to grow since the demand continues to be high and developers are taking advantage of this to slightly increase the prices.
You can read more about this news from the link below,
http://www.straitstimes.com/business/property/resale-volume-for-private-homes-jumps-187
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