The condominium resale market in Singapore witnessed a continued upward trajectory in November 2023, marking the fourth consecutive month of price increases. In this article, we table the findings of our Data Team’s report that offer insights into resale prices, volumes, and trends that shaped the market during this period.
Resale price trends
November 2023 saw a persistent rise in the resale prices of condominiums. Notable, the Core Central Region (CCR) experienced a significant increase of 3.1%, while the Outside Central Region (OCR) also recorded a rise of 0.9%. In contrast, the Rest of Central Region (RCR) saw a decrease in prices by 1.3%. On a month-on-month basis, the overall prices increased by 0.4% compared to October 2023, and remarkably, there was a 7.4% year-on-year increase from November 2022.
We can look at the price trends in the graph below:
Resale volume analysis
The volume of condo units resold in November 2023 slightly increased to an estimated 848 units, representing a marginal 0.1% rise from October 2023. This volume is 6.3% higher than in November 2022, but still 4.1% lower than the 5-year average volumes for November.
In the graph below, we can see the changes in volume per month:
Regional volume distribution
The distribution of resale volumes across different regions was varied. The OCR dominated with 47.2% of the total resale volume, RCR with 33.9%, and CCR for 18.9% of the transactions.
Take a look at the table below and you can see how much the distribution varied:
Read more: Are integrated condos really worth their price premium?
Sub-sale transactions
Sub-sale transactions, which are an indicator of speculative activities, constituted 10.6% of the total secondary sale transactions in November 2023, showing a decrease from 12.5% in October 2023.
We can look at the decrease in the graph below:
Record-breaking transacted prices
Highlighting the luxury segment of the market, the highest transacted price for a resale unit in November was a staggering S$15,200,000 at Nassim Jade. In the RCR, the highest transaction was $6,500,000 for a unit at The Sovereign, and in the OCR, a unit at Clementi Park fetched S$4,780,000.
Take a look at the pic chart below:
Capital gain and returns
The overall median capital gain for resale condos in November 2023 was recorded at S$330,000, showing a slight decrease from the previous month. The overall median unlevered return was 27.5%, offering a perspective on the investment potential in the resale condo market.
We can see the decrease in the graph below:
Below is a table showing the differences by district:
Here you can see the differences in returns for condo resale:
And lastly, we can see the differences by district:
Conclusion
The November 2023 condo resale market in Singapore has continued its trend of price appreciation, with significant activity in both central and non-central regions. The data indicates a robust market, with notable transactions, especially in the luxury segment. This analysis provides a comprehensive view of potential buyers, sellers, and investors, reflecting the dynamic nature of the Singapore real estate market.
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