Looking ahead in 2022, one question is likely to stand out: is it a great time to upgrade, given record high resale flat prices? Or is it, conversely, the worst time to upgrade, given that property prices are high across the board? There’s no single answer to this, as every buyer’s situation is unique; but there are some common points that can guide your decision: The resale flat market in 2022, and the lure of upgrading According to HDB data, resale flat prices surged by 12.7 per cent for the whole of 2021. This marks the most rapid ascent in prices since 2010, with prices now at between $508 to $512 psf, island-wide. The average during the last peak, in May 2013, was just around $478 psf: Source: Square Foot Research Besides this, resale flat prices have seen Cash Over Valuation (COV) rush back into the picture. In 2020, about a fifth of all resale flats were sold above valuation; but this number had risen...