{"id":122568,"date":"2021-10-13T03:31:09","date_gmt":"2021-10-12T20:31:09","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-private-homes-remain-strong-in-q3\/"},"modified":"2021-10-13T13:04:31","modified_gmt":"2021-10-13T06:04:31","slug":"demand-for-private-homes-remain-strong-in-q3","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-for-private-homes-remain-strong-in-q3\/","title":{"rendered":"Demand for private homes remain strong in Q3"},"content":{"rendered":"


\nDespite fewer projects launched in Q3 2021,\u00a0there were 3,358 new sale transactions, up from 2,838 in Q2 2021.
\nSingapore saw no significant drop in demand for private homes during the third quarter of 2021, even as the city-state reverted to Phase 2 (Heightened Alert) from 22 July to 18 August, and August being traditionally a quiet month due to the Hungry Ghost Festival, said Knight Frank.
\nIt noted that the opening of more travel lanes once COVID-19 cases stabilise \u201cwill also release pent-up international demand, especially for the Core Central Region (CCR)\u201d.
\nWith this, Knight Frank expects private home prices to increase by about 7% to 9% for the whole of 2021.
\nFlash estimates from the Urban Redevelopment Authority (URA) showed that prices for non-landed private homes, excluding executive condominiums (ECs), marginally increased 0.5% quarter-on-quarter in Q3 2021, with transactions within the Rest of Central Region (RCR) being the main contributor to the hike.
\nThe quarterly increase in prices was lower compared to the 2.5% and 1.1% growth registered in Q1 and Q2 2021, respectively.
\nIn Q3 2021, a total of 7,103 non-landed private homes, excluding ECs, were sold, a slight 1.4% drop from the previous quarter.
\n\u201cWhile both Q2 and Q3 2021 included periods where Singapore was in or reverted to Phase 2 (Heightened Alert), quarterly sales volume largely held up above a respectable 7,000 units. Especially when compared to an average of about 4,162 units during the pre-pandemic year of 2019,\u201d said Knight Frank.
\nAnd while fewer projects were launched in Q3 2021, the number of new sale transactions increased to 3,358 from 2,838 in the previous quarter.
\nNon-landed secondary sales accounted for around 52.7% of the total transactions in Q3 2021, surpassing the 3,745 transactions in the primary market.
\n\u201cWith rising new sale prices and construction delays, a portion of buyer demand funnelled to the resale market,\u201d said Knight Frank.
\nThe CCR, where only one project was launched in Q3 2021, saw non-landed primary sales volume drop 48.2% to 411 transactions, while secondary sales volume declined 19.2% to 709 transactions.
\n\u201cNew sale units commanded an average premium of 35.7% over resale units in the first three quarters of 2021, and the decline in primary sales possibly led to the 0.6% quarter-on-quarter dip in CCR prices in Q3 2021 after increasing 1.6% in H1 2021,\u201d noted Knight Frank.
\nPrices in the Outside Central Region (OCR) also declined 0.2% in Q3 2021, while non-landed sales volume increased 22.9% to 3,928 units.
\nThe RCR emerged as the only segment to record a price increase during the period under review, with prices climbing 2.2% quarter-on-quarter.
\nThis marked the fifth consecutive quarterly increase since prices dropped in Q2 2020, said Knight Frank.
\nHowever, non-landed sales volume in the RCR dipped 11.9% to 2,055 units. Of these, 980 were new sales while 1,075 were secondary sales.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Demand for private homes remain strong in Q3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite fewer projects launched in Q3 2021,\u00a0there were 3,358 new sale transactions, up from 2,838...<\/p>\n","protected":false},"author":1,"featured_media":122569,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-122568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/Singapore-Condo.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vSU","jetpack-related-posts":[{"id":111275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-increase-0-9-in-q3\/","url_meta":{"origin":122568,"position":0},"title":"Private home prices increase 0.9% in Q3","date":"October 2, 2019","format":false,"excerpt":"\r Prices in the core central region (CCR) and rest of central region (RCR) climbed 2.9 percent and 1.6 percent, respectively. 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The growth\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37510,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-home-prices-down-2-from-year-ago-knight-frank\/","url_meta":{"origin":122568,"position":2},"title":"S\u2019pore home prices down 2% from year ago: Knight Frank","date":"December 9, 2016","format":false,"excerpt":"\r Singapore housing prices continue to fall. Home prices in Singapore fell two percent year-on-year in Q3 2016, while most countries in the world registered strong price growth, revealed a Knight Frank report. 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