Chart of the day: Primary residential market sales volumes grows 31.3% QoQ
The secondary market only grew by 25.5%.
This chart from Edmund Tie shows the overall transaction volume of both primary and secondary residential market from 2010 to the second quarter (Q2) of 2022.
Overall, transaction volume in Q2 2022, rose by 27.5% quarter-on-quarter (QoQ) to 6,811 units compared to 5,343 units in Q1, driven by new sales in CCR and RCR.
In its report, Edmund Tie said that this was because the inflationary environment and lacklustre financial markets likely drove homebuyers to consider and seek out property as an effective hedge against inflation.
Comparing both primary and secondary markets, the primary market saw a larger increase of 31.3% QoQ in transaction volume during the quarter, compared to the 25.5% QoQ increase in the secondary market.
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Edmund Tie observed that In Q2 2022, developers moved 2,397 residential units, compared to 1Q 2022’s 1,825 units.
“There has been a revival of interest in earlier launched projects due to low unsold inventory in the market. Transaction volume in the secondary market rose by 25.5% QoQ to 4,414 units in Q2 2022, driven by strong growth in CCR and RCR,” the report said.