Preference for mass market amidst overall private property dip

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Whether the school holidays and the World Cup had any direct impact on private home sales for June, the number of transactions saw a second consecutive dip this year, from1,078 in May to 847 in June.

“The private home market is definitely stabilizing,” says PropNex CEO Mr Mohamed Ismail. “The 6,640 units sold in the first four months of 2010 was a figure that was simply not sustainable and the latest figures equate to a movement towards equilibrium of about 1,000 units on average per month.”

Mr Ismail notes that the market stability is also indicated by the fact that the three top-selling projects in June all posted median transaction prices of below $1,000psf.

“The comparatively brisk sales at the three projects, La Brisa, Waterfront Gold and The Minton, are signs that the consumers are feeling the effects of the rising private property prices and are looking to mass market projects that are more budget-friendly,” says Mr Ismail, referring to URA’s price index flash estimate of 184.1, an all-time record high.

Continuing this trend, Mr Ismail expects an average of about 900 to 1,000 units sold per month for the rest of 2010.

END

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Preference for mass market amidst overall private property dip

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