Landed and Non-Landed Homes Sales Up
In the second quarter of 2020, there were 211 landed home deals which rose by 183.9% in the 3rd quarter with a sale of 599 similar properties, revealed the Realis data.
In the Landed Property sector, there has been an increase in price which was seen in the third quarter as the values of homes rose by 3.7% from the second quarter. This occurred primarily because of the strong demand for landed homes.
In the Non-Landed Property segment, prices rose by 0.1% QoQ (quarter-on-quarter) in the third quarter of 2020. This occurred mainly due to Rest of Central Region and Outside Central Region holding up their prices.
RCR or Rest of Central Region showed an increase in home prices in QoQ by 2.5% in the 3rd Quarter with the launch of new housing projects such as Penrose, Forett at Bukit Timah, Noma, Verdale and Myra. They continued to support values.
In the Outside Central Region or OCR, the prices of non-landed homes increased by 1.7% in the Quarter-on-Quarter as there was a healthy demand by local home users for HDB upgrade properties. This continued to improve sales.
It must also be noted that according to the private residential property, the last quarter hit a new high with an improved reading of 180.4 in the 3rd Quarter, 2020.
However, in the CCR or Core Central Region things went against the trend as prices of homes in the 3rd Quarter of 2020 QoQ fell by 3.8%.
This likely occurred as prices of homes in the resale market was soft. Foreign buying in the CCR was also limited with numerous travel restrictions still in place.