Chart of the Day: New CCR condo prices up 10.5% to $3,014 psf in Q2

Higher demand for new luxury condos led to soaring prices in the segment.

This chart from OrangeTee & Tie revealed that the average price of new condos in the Core Central Region (CCR) surged 10.5% from $2,728 per square foot (psf) in Q1 to $3,014 psf in Q2.

The significant price increase of new home sales could be attributed to more super luxury homes being sold in the reviewed quarter. In Q2 this year, 37 units at Boulevard 88 were sold at an average price of $3,736 psf while 27 units at 3 Cuscaden were transacted at $3,584 psf.

Price of resale condos rose at a slower pace of 1.3% over the same period, the real estate agency noted.

As demand for luxury homes had risen substantially in recent months, overall sales volume in CCR rose for a second consecutive quarter, from 563 units in Q1 to 615 units in Q2 this year, the report added.