Condo resale volume recovers slightly, price growth slows in October


SINGAPORE – The resale condo volume recovered slightly in October, with prices rising marginally for the third consecutive month.

From September to October, prices inched up by 0.4 per cent, lower than the 0.8 per cent in September and 0.9 per cent in August, according to flash data released by real-estate portals 99.co and SRX on Nov 28.

The resale condo volume was up 14.7 per cent between September and October.

The report by the property portals showed that prices grew by 1.9 per cent in the rest of central region (RCR) and 2.5 per cent outside central region (OCR), but fell 1.5 per cent in the core central region (CCR).

Overall prices climbed by 7.5 per cent compared with October 2022.

Mr Luqman Hakim, chief data and analytics officer at 99.co, said the sustained strong growth in OCR and RCR sectors seemed to indicate strong demand for resale condos in these areas despite overall pessimistic market conditions and high prices.

He expects prices to reach a ceiling soon as market supply increases with vacancy rates reaching their highest levels in five years.

PropNex head of research and content Wong Siew Ying said the hike in additional buyer’s stamp duty (ABSD) likely continued to weigh on the CCR segment among investors and foreign buyers.

The chief executive of Huttons Asia, Mr Mark Yip, said: “Buyers of resale condos are resisting higher prices and adjusting their budget as the mortgage interest rates continue to stay high. Year to date, resale condo prices have increased by 6.3 per cent.”

Citing the Urban Redevelopment Authority Realis caveat data, Ms Wong pointed out that the average unit prices of resale condo transactions expanded across all regions in October.

The RCR saw average unit prices rise by 4.7 per cent to $1,788 per square foot (psf), from September to October.

In the CCR, resale condo prices grew by 1.8 per cent to $2,068 psf, while OCR logged a 2.3 per cent expansion to $1,418 psf, she said.



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