Resale prices of HDB flats highest in 10 years
Prices of resale HDB flats have gone up by 17.4% for the whole of 2007. The growth figure is two times higher than the GDP growth of around 8% for the same period. This is also the highest annual growth in a decade. % R+ ~! J: X3 m
2 s$ v6 \6 _9 L$ `, A4 xAs for the final quarter of 2007 ended 31 December, the government’s flash estimate showed that prices of resale flats rose by 5.6% quarter-on-quarter, bringing the whole growth to 17.4%
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Probably due to higher prices, the number of flats sold actually dipped in the fourth quarter of 2007. There were also some negative factors prevailing in the last couple of months including a more cautious prediction of the economy in 2008.
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( N$ H& Q1 N& l; `Another reason for the dip was perhaps the on-going ‘tug-of-war’ between the asking prices and the realistic prices the buyers are willing to part with. It seems that every property owner is predicting that the two Integrated Resorts that will be open in 2009 and 2010 will produce an economic miracle. 9 D' a5 J2 Y* {1 w3 Q9 n0 l7 q
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The full data for the fourth quarter 2007 will be released at the end of the month.
