Condo prices post first monthly decline in over 2 years: analysts

Weaker sales during the Lunar New Year and fewer sellers caused the decline.

On the back of holiday effects and fewer sellers in the market, resale condo prices posted its first monthly decline in over two years.

This was according to property analysts from PropNex and OrangeTee.

The analysts said homeowners are also saving their properties for rental income as rents are still firm.

The number of transactions decreased by 22.6% month-on-month and by 43.2% compared to a year ago, whilst the price gap between sellers and buyers remains wide. 

Huttons Asia said strong HDB resale market will back the resale condo market in 2023 but the higher interest rate may limit transaction volume to an estimated 12,000 units.