The 15-month wait-out period is a factor.

After the 15-month wait-out period was introduced in September 2022, condo owners are now reluctant to sell their homes, said PropNex.

The wait-out period limits some private homeowners from buying an HDB resale flat as a replacement home after disposing of their private home.

Condo resalestock also remains limited, according to PropNex, which could put a drag on the resale market.

Some owners of multiple properties may not be keen to sell their investment property which they might have bought before the ABSD measure or when the rate was lower.

“The thinking is that if they sell their condo now, they will have to pay a much higher ABSD should they decide to buy another residential property subsequently. In addition, with the still-healthy home rental market, many of these owners have opted to lease out the unit,” said PropNex.

Huttons Asia said the new project launches may have pulled the demand away from the resale market last month.

‘The hike in interest rates by US FED in April and slower 1Q 2023 economic growth in Singapore could have also contributed to the slower resale demand as well,” said Huttons.

Amidst recent reopening, the Chinese topped the table for purchases by foreigners in April. The highest transacted price in April was an unit in Sculptura Ardmore which was purchased by a Chinese foreigner.