HDB prices spike 12.5% y-o-y in 2021, first double-digit growth in 10 years
HDB resale prices increased by 3.2% q-o-q in 4Q2021, compared to the 2.9% q-o-q growth recorded in the preceding quarter. This is also the seventh consecutive quarterly increase recorded by the market.
“Prices are rising as demand continues to outstrip supply in many areas. On the demand side, the construction delays and long completion periods for new BTO flats may have driven buyers to the resale market,” says Sun.
Some private homeowners took advantage of the robust private resale market to realise the value of their properties and subsequently downgraded to public housing, boosting the overall pool of HDB buyers.
The strong run up in resale prices gave many HDB flat owners some cheer after enduring a fall in resale flat values between 2013 to 2018, says Wong Siew Ying, head of research and content at PropNex Realty.
If you are looking to sell or purchase properties in Singapore, our team members can help you with Affordability Assessment and Asset Progression Plan. Call us now at +65 86666 944 or +65 9844 4400.