HDB Upgraders
7,169 buyers with HDB addresses bought new and used private residences in the first nine months of 2021, a 21% rise from the same time in 2020.
According to The Straits Times, the fast rise in Housing and Development Board (HDB) resale prices has made it simple for HDB upgraders to buy private residences.
According to JLL, 7,169 of these buyers purchased new and resale condominiums during the first three quarters of 2021, an increase of more than 21% over the same period in 2020, according to statistics from the Urban Redevelopment Authority’s (URA) REALIS system.
Structures in Singapore
7,169 buyers with HDB addresses bought new and used private residences in the first nine months of 2021, a 21% rise from the same time in 2020.
According to The Straits Times, the fast rise in Housing and Development Board (HDB) resale prices has made it simple for HDB upgraders to buy private residences.
According to JLL, 7,169 of these buyers purchased new and resale condominiums during the first three quarters of 2021, an increase of more than 21% over the same period in 2020, according to statistics from the Urban Redevelopment Authority’s (URA) REALIS system.
According to Nicholas Mak, Head of Research and Consultancy at ERA Realty Network, this is due to the fact that HDB resale prices have risen more quickly than those of private properties over the past year.
HDB resale prices increased 9.1% in the first nine months of 2021, compared to a 5.3% increase for private dwellings.
Low mortgage rates, a strengthening economy, and new demand brought on by delays in the completion of Build-to-Order (BTO) flats all contribute to the strong resale flat prices.
Notably, 192 resale flats sold for at least $1 million as of October 31st, setting a record. For the entirety of 2020, just 82 such HDB units were sold.
According to Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie, as stated by ST, “some are also buying now because they expect prices to head higher, in view of the recovering global economy and a shrinking supply of new condos.”
Resale condos, according to JLL, were more common among HDB upgraders, accounting for almost 62% of the 7,169 transactions.