As prices of new homes in Singapore continued to climb, more homebuyers are considering getting condos in the secondary market at lower costs, according to property analysts.
“As prices of new private homes hold steady or inch higher, potential buyers are considering older resale condos in the same area due to their lower prices. This trend seems to be more evident in areas with more new launches,” Sun said. The volume of condos that traded in the resale market rose 23% to 1,122 units in April from the month before, with prices picking up by 1.5% during the same period according to data from 99. co and SRX.
“Other prospective home buyers had been holding off on making a purchase or were waiting for interest rates and housing prices to fall,” Gafoor said.Moving forward, Huttons Asia CEO Mark Yip said the secondary market will continue to gather steam in the coming months but the overall resale price growth will still ease to 4% to 6% for the entire 2024 from the 7.3% increase last year.