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The price increase in residential properties was mainly driven by non-landed properties in the Rest of Central Region (RCR) and Core Central Region (CCR), observes Christine Sun

Prices of private residential properties increased 2.1% q-o-q in 4Q2020

SINGAPORE – Costs of private homes raised by 2.1% in 4Q2020, compared with the 0.8% boost in the previous quarter, according to URA data.

For the full-year 2020, prices of exclusive properties increased by 2.2%, compared to a 2.7% rise in 2019.

The cost rise in residential properties was generally driven by non-landed buildings in the Rest of Central Region (RCR) and also Core Central Area (CCR), observes Christine Sun, senior vice-president of research & analytics at OrangeTee & Connection, where prices rose by 4.4% and 3.2% q-o-q respectively. Meanwhile, the Beyond Central Area (OCR) saw prices of non-landed residential or commercial properties enhance by 1.8% q-o-q.

In 4Q2020, a total of 2,603 private domestic brand-new homes (omitting ECs) were offered, 6.5% greater y-o-y, indicating “that there are restored positive sentiments in the residential or commercial property market”, remarks Desmond Sim, head of research for Southeast Asia, CBRE.

“This can be attributable to the healthy and balanced take-up of recently launched jobs that are well-located and fairly inexpensive, as well as extra notably, the strengthening buying power of investors from leveraging on low rates of interest,” Sim states, pointing to new launches The Linq @ Charm World and also Clavon that were launched in 4Q2020 as well as have actually attained take-up rates of over 70%.

There has likewise been a “significant” increase in resale transactions, increasing 81.4% y-o-y for 4Q2020, says CBRE Study. Resale purchases made up 61.3% of all sale purchases in 4Q2020, compared to 49.2% in the previous quarter.

For the entire of 2020, programmers offered an overall of 9,982 private domestic units, compared to the 9,912 units in the previous year.

“Inspired by 2020’s sales efficiency, programmers are likely to capitalize on this sales energy to clear their inventory and a relatively solid task pipe of launches in 2021 can be expected,” adds Sim.

On the other hand, for the whole of 2020, rentals of landed residential or commercial properties decreased by 2.7% while rentals of non-landed buildings decreased by 0.5%, according to URA information.

Tenancy prices for private properties leaving out EC dropped from 93.8% in 3Q2020 to 93% last quarter, observes Sun.

“There seems to be much more rental need from abroad Singaporeans, PRs, and also long-term pass owners that have actually gone back to Singapore in recent weeks. They need a short-lived place to stay while scouting for even more irreversible lodging,” keeps in mind Sun.

“There are likewise much more overseas pupils searching for rentals now. Some locals who have actually simply offered their personal homes or flats have additionally leased in the interim as they wait on the conclusion of their new place,” she includes.

Looking forward, “purchaser view is most likely to boost better as international growth is expected to increase this year, underpinned by a progressive return to normality with the virus vaccines and wave of liquidity,” states Sunlight.

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