Whilst the COVID-19 pandemic has affected property prices in the private market, resale prices of HDB flats remained relatively stable in the last two quarters.
Based on resale caveat data from Data.gov.sg, 789 resale flats were transacted in April and May, which is way lower compared to the units sold over the same period between 2017 and 2019. “Physical house viewings are important for the resale market as most buyers would prefer a physical inspection of the premises before making a purchase. They may want to examine the condition of the units and assess the surrounding environment. As physical house viewings cannot be conducted, resale demand had ‘naturally’ declined last quarter,” said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
“Many owners may also view their properties differently after the Circuit Breaker period. They may value their homes more especially given the proliferation of the work-from-home concept and may be more reluctant to sell their units at highly discounted prices. Moreover, other factors such as the supply of BTO flats and number of flats reaching MOP , could have a greater impact on the HDB resale market and prices in the long run,” she said.
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