Demand in the HDB resale market picked up slightly in November 2021 but it is still below the peak seen in August 2021.
The restrictions imposed on PLH flats and the long construction period probably diverted some demand to the resale market. Buyers bought flats in centralised locations, pushing up demand and prices in the process. The limited new supply of 5-room flats in centralised locations supported higher prices thus resulting in more flats breaching the $1 million mark.
Transaction volume for 2021 is likely to exceed 29,000 flats and price gains could be more than 13%. This marks the best performance for the HDB resale market since 2010.