Why are HDB resale prices rising and what does this mean for home buyers?

As the ripple effects of COVID-19 continue its merciless march all around the world, our local real estate market has been feeling the effects as well.

With the pandemic causing external factors such as delays in construction and resulting in the number of completed projects, many BTO buyers have been frustrated with the long waiting times in receiving the keys for their new home. This has deterred a majority of people into the resale market.

One of the major factors of a rise in HDB resale prices is also attributed to a large portion of the resale market being relatively more affordable than that of new launches. With transparency in pricings, as well as flexibility through direct communication with HDB resellers, this has set the preference for more people to turn towards the HDB resale market instead. Many younger aged youths have also taken this route of affordable HDB resale units, preferring to set aside a larger sum for bigger renovation costs.

The impact of these shifts has greatly shaped the resale market by pushing prices to an all time high to accommodate the overall increasing demand of the real estate HDB resale market.

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