38 HDB resale flats were sold for at least S$1 million in December 2021, according to 99.co and SRX Flash Report on the HDB resale market for last month. This figure surpassed the previous record of 29 million-dollar flats sold in November 2021.
The report also noted that these flats made up 1.6% of the total volume sold in December 2021. While these flats form a very small minority, there was a slight increase in the proportion compared to the 1.1% of the total volume in November 2021.
Last month was also when the government announced new cooling measures. This includes lowering the loan-to-value ratio for HDB housing loans from 90% to 85%.
In total, 261 HDB resale flats were sold for at least a million dollars in 2021, an increase of 218.3% from the 82 million-dollar flats sold in 2020. Notably, 2020’s figure was already surpassed back in May 2021, when 87 million-dollar flats were recorded in the first five months of 2021.
Most expensive HDB resale flat ever sold (so far)
Last month also recorded the most expensive resale flat ever sold (so far). Although the news about this record-breaking deal was out in late October/early November last year, the S$1.36 million deal for a five-room DBSS flat in Natura Loft in Bishan was only recorded in December.
Prices increased by 0.8%, volumes dropped by 6.1% in December
Month-on-month, there was a price increase of 0.8%, albeit a slower price growth compared to the 1.3% increase in November.
There were also fewer transactions in December, with the volume decreasing by 6.1%.
Possible reasons for the slower price growth and drop in transaction volume include some price resistance in the market, the holiday season and the new cooling measures taking effect.
Overall, according to the report, HDB resale flat prices have increased by 13.6% in 2021, with volumes at 24.6% higher than in 2020.
What do you think of the record number of million-dollar flat transactions? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends More people were unable to fully return their CPF monies after selling their house and Thinking of co-owning a HDB flat with family? Read this first.
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