Property Transactions Help Boost Sales of Homes Due to New Home Loan Policy
Several property transactions in different parts of the city help regain the momentum for the month of October after a slack in performance in September. The change is likely a response to the implementation of the loosening up of home loans policies in several local banks. Statistics showed that sales volumes in both the pre-owned and new properties have been increasing and as of last week the city saw the sale of around 3,223 of the 5,000 new homes traded which is an improvement from the 3,113 sales in September.
Analysts attributed on the rising property transaction rates to the newly relaxed home loan policies which some say that caused the demand for home to increase by 20 to 30 percent particularly from buyers that are planning to improve their housing situation. Prices of new homes still remain stable and the prices of pre-owned homes are on the upward.
Real estate brokers said that they have been receiving a lot more home purchases consultations for the month of October due to the new home loan policy that pushed many hesitant home buyers to purchase a second home or property to further improve their housing situation. A majority of owners of pre-owned homes have increased their selling price by 3 to 5 percent compared to September as they anticipated the increase in demand with the implementation of the new home loan policy.