15 August 2021
[Property Market - Private Residential (2Q 2021)]
Similar to the HDB segment, the private residential property market is also experiencing an upward trend.
The current situation where demand exceeds supply has resulted in rising prices of resale flats. This has triggered some home buyers to look into the private residential properties. Furthermore, owners of HDB flats are also taking advantage of the high prices of HDB resale flats and cashing out to upgrade to private condominiums.
One analyst also pointed out that the jump in prices of new mass market condo projects may have resulted in some buyers looking to the secondary resale market.
Home buyers may want to note that the current demand for new homes exceeds the new units launched for sale.
Moving forward, the increase in costs of land, labour and construction materials will have a significant impact on the prices of new homes as well as resale units.
PAULINE CHUA Senior Marketing Director ERA Realty Network Pte Ltd Whatsapp: wa.me/6586927272