Million-dollar flat transactions reach record high by July 2021

A total of 120 flats sold for more than $1m as of the first seven months of the year.

Million-dollar flat transactions for the first seven months of 2021 hit a new record at 120 units, higher than that of the full year of 2020.

This could lead to 180 flats getting sold for $1m or more for the entire year, according to a report from OrangeTee, given the quarterly average of 25 multi-million flats sold for the past three years.

A steep rise in prices was seen in the Central Area, where 25 resale flats sold for more than $900,000, 16 of which traded for at least $1m.

According to the latest government data, the average price of resale flats rose in 22 out of 26 towns last quarter, underscoring a significant imbalance in supply and demand in many locations.