The volume of resale condominiums changing hands nearly doubled last month, with about 978 units sold compared with 496 units in June.

Resale volume last month was up 10 per cent from July last year, and 9.3 per cent higher than the five-year average volumes for the month of July, according to real estate portal SRX Property’s flash estimates released yesterday.

Just over half of the units sold last month were located in the outside central region (OCR).

Units in the rest of central region (RCR) and core central region (CCR) accounted for 27.8 per cent and 18.6 per cent, respectively.

ERA Realty’s head of research and consultancy Nicholas Mak said the transaction volume last month showed that the condominium resale market had made a full recovery from the effects of the circuit breaker.

He added that there had been pent-up demand during the circuit breaker period from April 7 to June 1.

In addition, he said, a large number of Housing Board flats had reached the five-year mark and become eligible to be sold in the open market.

“These flats, which have completed the five-year minimum occupation period (MOP) in 2019 and 2020, would result in growing buying demand (for private property) from HDB upgraders,” he said.

“Some of these flat owners would need to buy completed resale condominiums for their own stay, hence contributing to the increase in resale condominium transactions.”

An average of 26,600 additional HDB flats hit the five-year mark in each of the two years. This is triple the annual average of 8,800 HDB flats that fulfilled the MOP from 2008 to 2018.

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