Private residential resale volume slips 12% YoY to 2,748 units in 3Q23

For 2023, OrangeTee expects resale volume to reach 10,000-12,000 units.

Slower sales during the seventh lunar month and elevated interest rates dragged the private residential resale volume down to 2,748 in 3Q23, or a 12% drop from 3Q22.

Data from OrangeTee showed that of the total resale volume, excluding executive condominiums (ECs), 2,378 were non-landed and 370 were landed.

Looking at sectors, CCR and RCR recorded the biggest decline, dipping by 15.3% to 476 units and 808 units, respectively.

Resale transactions in the OCR were the least impacted, with volume only dropping 8.8% YoY to 1,464 units.

For the full year, OrangeTee expects resale volume, excluding EC, to reach 10,000 to 12,000.

"Demand may remain resilient for condos in the suburbs. HDB upgraders prefer such homes for their big living spaces and affordability. Others may like resale homes that are well maintained and in ‘move-in’ condition. Such owners can apply for the Additional Buyer’s Stamp Duty remission after disposing of their HDB flat within six months of buying a resale condo," OrangeTee commented.

"More resale properties will be completed. The increased supply may help to mitigate runaway home prices in the secondary market," OrangeTee added.