Median prices of one- and two-bedders in 1Q2023 jump 31.3% year-on-year
SINGAPORE - Persistent demand for one- and two-bedroom units in Singapore has pushed up the median price for units in this size range in the Rest of Central Region by 31.3% y-o-y from $1.34 million in 1Q2022 to $1.76 million in 1Q2023. This was the conclusion of a report by Savills Singapore, which examined transaction data for non-landed private residences above or equal to $2,000 psf and up to 800 sq ft.
The report noted that one- and two-bedroom units in this size range saw median prices go up from $1.58 million in 1Q2022 to $1.63 million in 1Q2023. The uptick in the median price for units in this segment translates to an increase of 3.4% every year. In the suburbs, or Outside Central Region , one- and two-bedroom units also saw a noticeable uptick of 15.3% y-o-y to reach $1.39 million in 1Q2023 compared to $1.21 million in 1Q2022.
“Buyers' preference is turning to smaller sized homes and are willing to pay a premium for these unit types,” says Alan Cheong, executive director of research at Savills Singapore. “Even before the pandemic, smaller unit sizes had been popular among HDB upgraders and investors due to their more palatable price quantum”.
Recent transactions also show that the proportion of sales transactions of one- and two-bedroom units against total new home sales is going up from 21.4% in 1Q2022 to 47% in 1Q2023. The Savills report added that “the rising popularity of smaller one- and two-bedroom units may be attributed to several factors, including their rental potential and proximity to key amenities”.
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