Condo resale prices inch up, more units sold in March

Measured price growth attributed to high interest rates, mismatch in expectations

- Isabelle Liew

Prices of resale condominiums rose 0.4 per cent in March, with more units sold as the market rebounded from February's seasonal lull.

The price increase was slightly higher than the 0.2 per cent rise in February, flash data from real estate portals Singapore Real Estate Exchange and 99.co showed on April 25.

Property analysts attributed the measured price growth to a mismatch in price expectations between buyers and sellers, as well as high-interest rates.

Ms Wong Siew Ying, head of research and content at real estate firm PropNex, said she observed that many sellers, while open to negotiations, are not keen to lower their asking prices substantially due to the high cost of replacement homes.

On a year-on-year basis, condo resale prices were up by 5 per cent, with those in the suburbs rising the most at 7.1 per cent, data showed.