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Latest Property Real Estate News - Published on 17/07/2017
URA Private homes sales by developers (June 2017)
Strong demand for private homes in the first half of 2017
The figures released for today depicted a total of 1,064 units (including ECs) and 820 units (excluding ECs) transacted in June 2017. Comparing to previous month, there was a fall of 21 per cent in sales (excluding ECs) in June 2017. Even though the figure has taken a dip due to the lack of new launches (only 159 units launched), the overall trend depicts the strong demand by consumers in June 2017.
CEO PropNex Realty, Mr Ismail Gafoor shared, “We expect stronger take-up rates for all existing projects that are rightly priced as buyers come to realization that prices of new launches will likely be higher, with the recent aggressive land bids witnessed in recent months.”
He also added, “Based on observations of June’s performance, the top 4 private property sales reflect the strong demand by consumers across all segments. The Santorini and Parc Riviera in OCR, Commonwealth Towers in RCR and Sophia Hills in the CCR were amongst the top performers in the month.”
The Santorini best-seller for June 2017 while Sol Acres EC continues great performance for the past six months of 2017
A total of 75 units of The Santorini were sold in the month of June, making it the top-seller for the private residential segment. For the sixth month, Sol Acres EC is amongst the top 5 best-seller, with 41 units sold in June 2017.
OCR properties continues to be sought after
Properties in the Outside Central Region (OCR) continues to be the most sought after, accounting for 55.4 per cent of new private home sales (excluding ECs), while Rest of Central (RCR) and Core Central Region (CCR) accounted for 36.7 per cent and 7.8 per cent respectively.
Transactions expected to cross 1,000 mark monthly for 3Q 2017 with 11,500 transactions (Excluding ECs) by end of 2017.
Mr Ismail predicted, “With upcoming new launches of Martin Modern, Le Quest and Hundred Palms Residences EC in July and August, volume of transaction will likely to exceed 1,000 units monthly for the upcoming 3Q 2017.” He also foresees that the private homes transactions will be crossing the 15,000 mark (Including ECs) and 11,500 units (Excluding ECs) by the end 2017 with the current positive sentiment present in the market today.