Price growth has eased amid tough times with private home prices up 3.8% in Q3 including Rezi 24 (part II)

Price growth has eased amid tough times with private home prices up 3.8% in Q3 including Rezi 24 (part II)

Rezi 24 is launched with 110 luxury apartments with a design close to nature and a high-end utility space, residents can select one of 4 types of bedrooms that you feel are suitable for the needs of yourself. Meanwhile, land prices rose 1.6 percent in the third quarter, compared with a 2.9 percent increase in the previous quarter.

New home sales and the resale market both fell amid rising interest rates and higher prices. With a seasonal lull coming, analysts expect new sales volume to decline in Q4, especially as both buyers and developers weigh in on the latest cooling measures. CBRE Research predicts new home sales for 2022 will fall to about 8,000 units, down 39% year-on-year, and resale sales to 14,000 units for the year, down 40% to 45%.

Resale transactions accounted for 60.5% of all single-family homes sold in the third quarter. The number of apartments reached 3,719 units, down from 4,236 units traded in the second quarter.

Some pictures of interior design and model house of Rezi24 Condo. Besides this project, developers sold 2,187 separate houses of other projects (excluding luxury apartments or EC) in Q3, when new sales decreased by 8.8% . They also launched 1,455 units for sale, down from 1,956 units in the previous quarter. No EC units were launched for sale during the quarter, although developers shipped 28 EC units that quarter.

JLL senior director of research and consulting Ong Teck Hui emphasized that unsold inventory remained at a low of 15,777 units at the end of Q3 2022, less than half the 37,799 units during the high period. the last pre-pandemic point in Q1 2019. Of the 15,777 units, 15,677 were unfinished.

“The market continues to face a situation of insufficient supply and demand, leading to a prolonged price increase,” he said.

Developers are also being more cautious when it comes to capturing web pages. While recent residential acquisitions at Lentor Central and Lentor Hills Road will add more supply to the market, “unsold inventory is expected to remain low in the short term, due to Developers are cautious in acquiring land plots, facing high inflation, rising interest rates and macroeconomic uncertainties,” Mr. Ong added. “The mismatch in price expectations between developers and sellers also continues to affect the success rate of collective purchases, thus affecting future supply.”

The rental market remains strong as single-family rentals rose 8.6% in the third quarter, compared with 6.7% in the previous quarter, in what analysts say is the fastest rate of growth since the third quarter. 2007. The pandemic has derailed construction, leading to delays in the completion of housing projects.

Rents for mainland properties increased by 10.9%, compared with a 3.2% increase in the previous quarter, while rents for non-land properties increased by 8.3%. In the second quarter, rents for such homes increased by 7.1%. In the landless market, RCR housing recorded the most rent increase with 9.6%, followed by OCR and CCR at 8.8% and 7% respectively.

Rezi 24 Condo: Price with private home prices up 3.8%

Explore REZI 24 price to get exclusive VIP Showflat and get detailed advice from Team Sale. Registered Parties will be entitled to our Direct Developer Sales Pricing as well as live updates of our development movement. With this, rents have increased by 20.8% in the first nine months of this year, said Leonard Tay, head of research at Knight Frank. “Rental prices in the private housing market will continue to increase for the remainder of 2022 and into 2023, noting the reopening of borders, new policies to attract professional talent as well as new policies to attract professional talent,” he said. as locals hunt for alternative homes. market support.

Additionally, the latest cooling measures indicate a 15-month waiting period for those downgrading from private homes to HDB, which should prompt some to move into the rental market. Edmund Tie head of research and consulting, Lam Chern Woon, expects rental growth to be more moderate next year, as completion delays are resolved and supply increases up.

“Around 28,800 units (including ECs) are expected to be completed in 2022 and 2023, nearly triple the 10,400 units completed in 2020 and 2021,” said URA. help meet immediate housing needs”.

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