As private home prices in the city fringe continue to rise, the median price of condos in this region has reached an impressive $2,466 per square foot in the fourth quarter of 2024, surpassing the Central Core Region by 9.7%. This noteworthy increase in the city fringe reflects a shifting landscape in the real estate market, where previously overlooked areas are gaining traction among buyers.
The remarkable performance of condos in this region is particularly evident when examining the price growth trend that has unfolded over recent years. Between the first quarter of 2022 and the first quarter of 2025, the price of condos in the city fringe skyrocketed by 32.4%, rising from $1,822 per square foot to the current $2,413 per square foot.
In contrast, the Central Core Region experienced a modest decline of 1.6% during the same timeframe, highlighting a pronounced divergence in market dynamics. The apparent preference for the city fringe market may stem from a combination of factors, including improved transport connectivity, a growing number of lifestyle amenities, and a more favorable price-to-location ratio compared to the Central Core.
The demand for condos in the city fringe is further underscored by transaction statistics. In the first quarter of 2025, over half (50.4%) of condo transactions in the city fringe were priced at $2 million or more, a significant increase from 32.9% recorded three years prior. This shift indicates a growing acceptance and expectation of premium pricing within this segment, as buyers seek out quality living spaces that offer both value and accessibility.
The dynamics of the market are also reflected in the proportion of new sale condo transactions, which constituted 61.2% of total transactions in the city fringe during the fourth quarter of 2024. However, this figure saw a decline to 47.4% in the first quarter of 2025, suggesting a potential cooling in immediate demand.
Looking ahead, the future performance of prices in the city fringe may be influenced by the upcoming new launches, particularly those located on Government Land Sale sites. Analysts speculate that these projects could set new benchmark prices, potentially exceeding $2,800 per square foot, thereby further enhancing the investment appeal of the area.
Such developments could attract a diverse pool of buyers, eager to capitalize on the evolving landscape of urban living.
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News Source: Edgeprop
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