Prices of HDB resale flats rose for 3.1% consecutive quarter in 4Q2020
SINGAPORE – Prices of HDB resale flats climbed for its 3rd consecutive quarter in 4Q2020, boosting by 3.1% q-o-q, according to HDB public housing data.
In 4Q2020, a total of 7,642 HDB resale systems altered hands, which was 1.9% less than the 7,787 devices negotiated in 3Q2020. Nonetheless, the deal volume in 4Q2020 was 20.6% higher y-o-y, based upon HDB data.
” Against a background of the worst economic crisis in living memory and also a growing supply of HDB flats, the fast surge in home prices was unexpected. Underpinning the durability of the HDB market is an extensive slew of stimulus actions introduced by the government to support the economic climate,” comments Christine Sun, senior vice-president of study & analytics at OrangeTee & Connection.
” Large range federal government support on several fronts has actually limited revenue loss and also stopped huge unemployment amongst Singaporeans. A lot of employees had the ability to keep their earnings with the help of numerous Jobs Support and Wage Credit rating systems,” includes Sun.
” Some purchasers were confident that they had the capacity to service their housing financings and also proceeded with their brand-new home acquisitions.”
Sunlight thinks that the HDB market is yet to see a danger of a real estate bubble, “Typical signs of an asset bubble include the decoupling of rates from real estate income, extreme speculative buying tasks and several customers overleveraging in their residential or commercial property purchase.”
“Several measures have actually currently been implemented to avoid a few of these situations from occurring,” she adds.
Meanwhile, the number of applications approved to rent HDB apartments increased by 3.4% to 8,472 situations in 4Q2020 from 8,196 situations in 3Q2020,. Nonetheless, the variety of approved applications in 4Q2020 was 29.9% reduced y-o-y, according to HDB information.
In February, HDB will supply concerning 3,700 Build-To-Order (BTO) apartments in Bukit Batok, Kallang Whampoa, Tengah, and also Toa Payoh. This consists of the brand-new Community Care Apartments in Bukit Batok, which are integrated senior-friendly housing with care services.
In May, HDB will offer one more 3,800 BTO apartments in Bukit Merah, Geylang, Tengah, and Woodlands.
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