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SINGAPORE: The just-released Housing Improvement Board (HDB) resale statistics for Q1 2023 present that regardless of excessive demand, the expansion of costs of resale flats is moderating, which is probably going as a result of a rise in BTO launches and easing building delays after pandemic restrictions.
Nevertheless, the pinnacle of PropertyGuru Singapore says there may be little urgency for HDB resale flat sellers to decrease their costs.
This quarter’s improve of lower than two per cent, 171.9 factors in This fall 2022 to 173.6 factors in Q1 2023, is the smallest quarter-on-quarter improve noticed within the final ten quarters, though it ought to nonetheless be famous that there have been 12 consecutive quarters of the worth improve.
A number of elements have contributed to the rise of HDB resale flat costs, together with HDB estates with extra properties fulfilling their Minimal Occupation Interval (MOP) and a continued choice for bigger flats.
Moreover, extra four-room flats have exceeded the $1 million price ticket.
PropertyGuru mentioned in a commentary that it nonetheless expects HDB resale costs to develop, albeit reasonably, offered that no financial shocks happen.
Over 16,000 “flats are anticipated to fulfil their MOP this 12 months, with the majority of those flats positioned in Bukit Batok, Yishun, Buangkok, and Sembawang. These HDB estates are prone to see larger resale flat worth development this 12 months,” the corporate mentioned.
PropertyGuru added that it expects the demand for HDB resale flats to stay pushed by households who urgently want properties and don’t need to wait out prolonged BTO completion occasions.
“Regardless of challenges similar to still-high rates of interest and borrowing prices, unsure financial outlook and tighter property curbs, this was the twelfth consecutive quarter of worth development.
In Q1 2023, sellers have continued to boost their asking costs as there may be little urgency for them to decrease costs.
In the meantime, the brand new main apartment launches are setting new benchmark costs. Whereas demand has diminished, there are consumers who’ve the liquidity to buy personal properties,” mentioned Dr Tan Tee Khoon, the Nation Supervisor for Singapore PropertyGuru. /TISG
Over half of Singaporeans delaying plans to purchase properties as a result of rising property costs, inflation – PropertyGuru research
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