The best performing real estate market sectors in the third quarter of last year were prime seafront properties and entry-level projects, according to a report released recently by property consultancy CBRE.
Tourist arrivals continued to recover in the quarter, the report noted, boding well for the property market on the island.
The total stock of completed resort-standard condominiums was approximately 3,000 units, up 3 per cent on the same quarter of 2009 and 31 per cent year-on-year, according to CBRE.
The company estimated that roughly 84 per cent of completed condominiums have been sold. Three condo projects were completed in the last three months of 2010. The average price asked for condominiums was around B90,000 per square metre.
The total stock of completed villas in the same period was 2,787 units.
CBRE said that total sales performance of existing and future villa units was 77 per cent. Out of 3,749 villas, 2,897 units had been sold and 852 were still for sale. The sales rate of all existing and future luxury and high-end units was 74%.
Out of 880 luxury and high-end units, 653 units were sold by the end of 2010, leaving 227 units unsold.