Condo resale market to see more sales activity in 2H23

In 2Q23, sales volume only dipped by 1.5% despite the April cooling measures.

Singapore's condo resale market will see more sales activity in the second half of the year due to more condominiums being completed, a report from OrangeTee revealed.

"Completed projects in suburban areas, especially those with big units, will remain popular in the era of flexible work model. About half of this year’s completions are in the OCR, which may ease some pent-up demand from HDB upgraders," the expert said.

OrangeTee predicts that total resale volume in 2023 will reach 10,000 to 12,000 units.

The expert added that the plethora of newly completed units will push the housing supply to a seven-year high and help stabilise property prices.

Condo resale prices have been rising for five straight quarters. In 2Q23, prices rose by 0.6% QoQ to $1,624 per square foot (psf). 

OrangeTee expects resale prices to rise at a slower pace of 5% to 7% in 2023, down from 8.7%  in 2022.