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07-10-21, 17:54
Average psf prices of landed homes at ‘all-time high’
By EdgeProp Singapore / EdgeProp Singapore | October 7, 2021
SINGAPORE (EDGEPROP) - Landed homes in Singapore have been well sought after. After the pandemic hit, the average psf prices across different landed property types have in fact increased further, and are currently at an “all-time high”, notes Ismail Gafoor, CEO of PropNex.
While significant, Covid was not the only factor contributing to the price escalation, says Gafoor.
The landed property price index had risen by 6.3% in 2018, and by 5.7% in 2019. In light of the price jump so far, Gafoor is expecting “a double-digit growth of more than 10% this year”. Gafoor was a panellist at the landed property webinar jointly conducted by PropNex and EdgeProp Singapore on Oct 3.
In the first nine months of this year, 2,615 landed property transactions had already taken place. Gafoor is expecting the year to end with “about 3,500 units sold”. This will be comparable to the last peak in 2010 where 4,407 landed property were sold. This was followed by 3,381 transactions in 2011, and 3,121 transactions in 2012. Transaction volume dwindled from 2013 till 2014, due to the wave of cooling measures implemented by the Singapore government. These included a higher additional buyer’s stamp duty and tightened loan-to-value limits, which kept the property market reined in then. After that, transaction volume hovered between 1,000 and 2,000 houses a year.
Read more at: https://www.edgeprop.sg/property-news/average-psf-prices-landed-homes-%E2%80%98all-time-high%E2%80%99
By EdgeProp Singapore / EdgeProp Singapore | October 7, 2021
SINGAPORE (EDGEPROP) - Landed homes in Singapore have been well sought after. After the pandemic hit, the average psf prices across different landed property types have in fact increased further, and are currently at an “all-time high”, notes Ismail Gafoor, CEO of PropNex.
While significant, Covid was not the only factor contributing to the price escalation, says Gafoor.
The landed property price index had risen by 6.3% in 2018, and by 5.7% in 2019. In light of the price jump so far, Gafoor is expecting “a double-digit growth of more than 10% this year”. Gafoor was a panellist at the landed property webinar jointly conducted by PropNex and EdgeProp Singapore on Oct 3.
In the first nine months of this year, 2,615 landed property transactions had already taken place. Gafoor is expecting the year to end with “about 3,500 units sold”. This will be comparable to the last peak in 2010 where 4,407 landed property were sold. This was followed by 3,381 transactions in 2011, and 3,121 transactions in 2012. Transaction volume dwindled from 2013 till 2014, due to the wave of cooling measures implemented by the Singapore government. These included a higher additional buyer’s stamp duty and tightened loan-to-value limits, which kept the property market reined in then. After that, transaction volume hovered between 1,000 and 2,000 houses a year.
Read more at: https://www.edgeprop.sg/property-news/average-psf-prices-landed-homes-%E2%80%98all-time-high%E2%80%99