Condo resale volume nearly doubled in July, this upturn has caught many by surprise given that we are still encompassing in the COVID19 pandemic and sinking into the technical recession.
The volume of resale private non-landed homes doubled for the month of July, with about 978 units sold compared to 496 units in June.
The transaction volume last month being viewed that the condo resale market has made a recovery from the effects of the circuit breaker.
What triggered the pent-up demand of the surge in resale volume?
- From HDB Upgraders: HDB flats, which have completed the five-year minimum occupation period (MOP) in 2019 and 2020, would have resulted in the growing buying demand for private property from HDB upgraders.
- Developers willingness to pare down outstanding units by offering discounts.
- Banks have lowered their interest rates on loans that are pegged to the Singapore interbank offered rate (Sibor), giving home owners the opportunity to secure more favourable rates.
- Safe haven status is continuing to attract foregin investors to park their wealth
If the demand continues to strengthen in the next couple of months, will developers continue to offer a range of lucrative discounts? Many homebuyers and investors shared the same sentiments.
If you have been considering to purchase a property, whether as an upgrader or investor, don’t hold your thoughts for too long. Take advantage of the buyer’s market today and enjoy the historic-low interest rates.
My name is Jen Tan, drop me a private message or give me a call at +65-90662926 & we will get back to you soonest.