HDB resale price index (RPI) remained unchanged in Q1 in 131.5 compared to Q4 2019, based on data in the Housing Development Board (HDB).
“Costs of HDB resale flats are rather stable as important price changes were few and far between in recent decades. Within the last twenty quarters, the QoQ cost changes was being within a thin band of between -1 and 1%,” said Christine Sun, head of consultancy & research in OrangTee & Tie.
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Resale trades dropped by 7% QoQ to 5,893 prices in Q1 from 6,339 in Q4 2019. Sun noted that the quarterly decrease signals that the pandemic and circuit breaker steps could have some influence on the HDB resale market.
“House viewings were stopped as part of the containment measures and purchasing belief may have diminished in light of their present macroeconomic doubts,” she added.
The amount of accepted programs to lease out HDB flats dropped by 4% QoQ, from 12,079 instances in Q4 2019 into 11,591 instances in Q1. As at end-Q1, 57,652 HDB apartments were rented out, a rise of 0.7% QoQ from 57,224 units.
“The fall in software can be attributed to fewer owners needing to rent their units out at the surface of the present pandemic. Some might be remaining in their own apartments in light of their Circuit Breaker Steps, though some might opt to rent their apartments just following the pandemic subsides in order to prevent a possible virus propagate in their own units,” Sun commented.
In general, she is anticipating the amount of resale arrangements to be marginally lower in 2020 in comparison to 2019 at approximately 21,000 to 22,000 units marketed. Costs of resale flats can enter the negative land, but land values are most likely to hold steady for regions of greater need.