October 15, 2020

Residential real estate sales rise 85 percent QoQ in Q3 2020: Report

Regardless of the continuation of the COVID-19 pandemic, residential home sales reach to 35,132 units during the third quarter of 2020. It is an increase of 85 percent over the previous quarter. The growth can potentially be attributed to holding up-demand due to the prolonged lockdown in the country.
If we compare to the third quarter of 2019, we can see a significant decline of 57 percent year-on-year across eight major cities, stated by a major report. Last year in July-September 2019, sales of residential properties across eight cities stood at 81,886 units.

New supply has grown-up almost 60 percent on a quarter-over-quarter basis. Furthermore, 43 percent of the 19,865 units have launched coming in through the affordable housing segment. Apart from that on a year-over-year basis, launches showed a significant downward trend declining by 66 percent, the report, titled Real Insight Q3 2020, found.

Recovery in the fourth quarter is likely to grow and new launches will continue to take place at the beginning of next year, the report said.

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