HDB and condo resale prices increased in May 2021 despite movement restrictions 

2 min read

We’re still in the midst of a pandemic. We were even in Phase 2 (Heightened Alert) for the second half of May. But that didn’t put a dent on the property market.

Here are the highlights of our Property Round-Up for the month of May 2021.

1. HDB resale price increased despite a drop in transactions 

Resale volume may have dropped by 16.0%, but prices continued to increase by 1.2%. In fact, last month marked the 11th consecutive month of the price increase.

Resale prices have also increased across both mature and non-mature estates, and across all flat types. Nevertheless, they’re 2.6% less than the peak in 2013.

May 2021 HDB resale infographic

HDB estates with the highest median resale prices were Central Area (S$920,888), Queenstown (S$750,000) and Bukit Timah (S$672,000).

2. Condo resale price increased despite a drop in volume

We’re also seeing a similar trend for condo resale price and transaction volume. While prices have increased by 0.9%, there’s a drop in volume by 11.4%.

Across the regions, we saw a drop in prices for condos in the CCR at 0.7%. Resale volume was also the lowest here, accounting for 17.6% of the transaction volume.

May 2021 condo resale infographic

The district with the highest median capital gain (S$377,000) was District 21 in the RCR, which is where Clementi and Upper Bukit Timah are.

3. Rental prices have continued to rise despite Phase 2 (Heightened Alert)

Just like what we’ve previously predicted, rental prices for both condo and HDB have remained robust despite the movement restrictions. Both condo and HDB rental prices have increased by 0.3% and 0.7%, respectively. This is despite the drop in rental volume for HDB by 0.9%.

HDB and condo rental market infographic

May 2021 HDB median rents infographic

HDB estates with the highest median rents were Bukit Timah (S$2,500), Central Area (S$2,450), Bishan and Bukit Merah (both S$2,300).

What do you think about the increase in the resale prices and rents? Let us know in the comments section below. 

If you found this article helpful, 99.co recommends 10 reasons why we’re seeing an uptick in HDB resale transactions lately and Why we think the current Singapore en bloc buzz is overhyped

Looking for a property to buy or rent? Find your dream home on Singapore’s largest property portal 99.co! If you have an interesting property-related story to share with us, drop us a message here – we’ll review it and get back to you.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.

If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.

Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.

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