Singapore Residential Market on the rise Q3 2020 13 October 2020
Knight Frank, in its latest report titled “Singapore Residential Q3 2020 Transaction Volume Rebounded in Q3 Due to Pent-up Demand” highlighted the positive outlook that lies ahead for Singapore’s residential market. Some of the key perspectives include:
- Prices of non-landed private residential properties (excluding ECs) defied recessionary fears, holding flat at 148.7 in Q3 2020** after rising by 0.4% in the second quarter of the year. Transaction volumes of non-landed residential properties (excluding ECs) more than doubled from the previous quarter, recording 5,895 units in Q3 2020*.
- Pent-up demand from buyers who deferred their purchases coupled with low interest-rates drove the pick-up in sales momentum from both needs-based buyers and those who feared that prices might increase in the near-term.
- The resale market also rebounded in Q3 on the heels of the new sale market. A total of 2,480 units were transacted in the secondary market, more than three times the 758 resale units sold last quarter*. More resale transactions were completed as in-person viewings resumed in Phase 2 and owners grew more confident in allowing viewings with falling COVID-19 cases.
