Latest Property Real Estate News - Published on 15/05/2017
Private homes sales by developers (April 2017)
The figures released for April 2017 continued to reflect strong demand in the real estate market, despite having only two new major launches that month – ARTRA and Seaside Residences. A total of 1,926 units (including ECs) and 1,555 (excluding ECs) were transacted in April 2017. Comparing Year-on-Year, the total number of transactions in the first four months of 2017 has exceeded 50% of that for the whole of 2016.
CEO PropNex Realty, Mr Ismail Gafoor commented, “There is a trend of greater market activities and rebound in consumers’ confidence which have led to greater number of sales, even in projects that have already been launched earlier and nearing TOP dates. This is being witnessed in the performances of Parc Riviera, Sol Acres EC and Commonwealth Towers, all three of which are in the top five performing projects of the month.”
Properties in the Outside Central Region (OCR) was the most sought after, accounting for 62.2 per cent of new private home sales (excluding ECs), while Rest of Central (RCR) and Core Central Region (CCR) accounted for 35.9 per cent and 1.9 per cent respectively.
The 5 top-selling projects in April were – Seaside Residences, ARTRA, Sol Acres EC, Parc Riviera and Commonwealth Towers. A total of 419 units were sold at the newly launched Seaside Residences making it the top-selling project of the month.
Mr Ismail expects the trend of strong demand to continue throughout 2017, “More consumers will come to realisation that the market have bottomed out and prices are likely to inch upwards with the strong land bid prices we are currently witnessing. We are optimistic that the number of transactions will cross the 15,000 mark (Including Ecs) and 10,000 units (Excluding ECs) by the end of 2017. ”
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