COVs for flats drop a massive 20-30%

Cash premiums for most types of HDB flats are falling across the country, declining between 20 and 30 percent, according to latest figures compiled by The Straits Times.

Based on last month's transactions, the report said that median cash-over-valuations (COVs) for all flat types dropped between S$4,700 and S$8,000, with premiums for five-room and executive flats falling by as much as S$10,000 and S$17,000 respectively.

Many property agencies noted that the sudden drop in COVs across the market was mainly due to the record number of flats launched by the government and the upcoming policy changes, which are expected to limit the supply and demand of resale flats.

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