3 consecutive months of rising private non-landed home prices is reason enough for some mid-year cheer. Could this be a sign of respite from the recent property market lull?
Property seekers and buyers who have been on the lookout for good deals and the right opportunity to jump back onto the property investment train have proven to be more active of late. Incentive schemes for various residential developments such as OUE Twin Peaks and Ardmore Three have also helped boost sales and prices. The former’s deferred payment scheme has received positive response from buyers, which ultimately translated to sales. The number of resale units sold in May rose by 36% with 840 units sold. 619 units were sold in April.
Prime central region properties are once again finding favour with investors as they view the potential value of the private residential properties here with new eyes. The next launch in the core central region (CCR) would be Gramercy Park luxury apartments by City Developments.
Property analysts are however cautious about their predictions for the rest of the year as the cooling measures will still mean buyers continue to be price-sensitive. They are expecting resale private apartment prices to fall 3 per cent across the board this year.