Chart of the Day: Residential property sales rise 28% in Q2

Higher secondary sales boosted the overall performance of properties.

This chart from Edmund & Tie's Q2 Housing Report 2017 shows private residential property's total sales climb 28% QoQ to 6,540 units for the quarter.

According to the firm, this is a sign of growth for residential properties.

The improvement in secondary sales was one of the key reasons for higher sales. Residential property purchases by Singaporeans formed the bulk of transactions, comprising 78.2% and 63.3% of primary and secondary purchases respectively.

Moreover, resales in the HDB market also grew 32.1% QoQ to 6,001 units.

Edmund & Tie found a positive link between the improvement in HDB resales to the completion of private projects in 2016.

HDB upgraders are leaving their properties to avoid Additional Buyers’ Stamp Duties (ABSD).