By now, it’s no secret that the prices of condos in Singapore are going up. But, how much is up? Well, this February, these prices reached an increase of 1.9%, exceeding not just the increase of 1.3% that was recorded in January, but also the most significant increase recorded in the past 4 years. Thus, ever since 2014, in the month of January, the apartments and Singapore condominiums in Singapore that were put up for resale, did not record such important price increases. Specialists estimated an increase of only 1% in February, compared with January, but the market proved them wrong, as the increase was almost 2%.
If the different between January and February 2018 is so significant, what’s the different between January 2018 and January 2014? According to SRX, a portal that manages real estate aspects, the increase is of 7.6%. Also, the price increase took place in every area of Singapore, so it is not an isolated event. Starting with the core of the central region and going up to the outskirts of the center, there were price increases in every single area. The biggest increase took place in the outside central region, where prices rose with 2.2%. Next comes the central region that enjoyed a price increase of 1.7% and, finally, the core of the central region with an increase of 1.5%. If we are to compare these increases to what happened last year, the gap between prices is even more significant. Thus, the central region has an increase of 11% while the core central region recorded an increase of 6.2%. The same happened in the outside central region, which also recorded an increase of 6.2%.
But the fact that the property market in Singapore is getting stronger is not reflected just by the increases in the resale prices of properties. Another good sign is represented by the considerable increase in the number of private residences that are non-landed and put out for resale. In comparison with what happened in January, the number of this kind of residences that were sold in February went up with 11.3%, which is a consistent increase. The numbers are showing that resale properties were much more appreciated in February 2018 than in February 2017, as they were 68.6% higher this year than the last year. But, in spite of the considerable increase, this February’s performance is far from exceeding the peak recorded in February 2010, the numbers being 41% lower than the previously mentioned period. So, slowly but surely, the property market in Singapore is gaining back its old strength, as things evolve in the right direction and the real-life numbers exceed the expectations of experts.
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