Condo resale volume jumps 35.6% in March

Analysts said volume bounced back following the relaxation of COVID rules.

The condo resale volume jumped 35.6% in March, with a total of 1,302 units transacted, data from 99.co and SRX showed.

The biggest chunk of March’s resale volume (61.1%) was from Outside Central Region (OCR), followed by Rest of Central Region (25.4%), and Core Central Region (13.6%).

Analysts from Huttons and PropNex both attributed the improved condo resale volume to the relaxation of COVID-19 rules, particularly the increased number of visitors at any one time to 10.

Both analysts said the easing allowed for more property viewings and transactions to take place.

Meanwhile, Huttons said the improved resale volume could also be because there were no launches in March, thus pushing buyers to the resale market.

Looking ahead, both analysts also see the return of foreign buyers.

“Despite the 30% additional buyer’s stamp duty (ABSD) rate levied on foreign buyers for residential property purchase, Singapore continues to be an attractive investment destination, with its stable political environment and currency, its safety and security, as well as pro-business policies,” PropNex said.