Residential sales in Q3 surpass 6,500 units

Thanks to stronger economic growth and buyer interest.

Total residential sales volume surpassed 6,500 units for the second consecutive quarter in Q3, Knight Frank revealed.

According to the firm's data, new sale transactions reached 2,663 units, whilst resale transactions hit 3,949 units.

Knight Frank said the growth happened against a backdrop of stronger economic growth, returning homebuyer interest and the hype in land sales.

Residential prices appeared to show first signs of recovery in Q3, with the All Private Residential Property Price Index, including ECs, reporting an overall price increase of 0.7% QoQ.

Knight Frank Residential (Project Marketing) executive director and head Tan Tee Khoon said, “The pulse of the private residential property market has become more upbeat as prices lift from its previous doldrums and vacancy rates for unsold units continue to head south.”

Total new sale transaction volume for 2017 would expect to be between 11,000 to 13,000 units, buoyed by returning interest from locals and foreigners and the outstanding quality of new project launches that has brought significant interest into the market.

Knight Frank projects that island-wide private home prices to continue its recovery in Q4 and over the next two quarters, with landed home prices likely to lead the increase.