Foreign Property News | Posted by Zarni Kyaw
Sales of private homes in Singapore soared 42 percent year-on-year in September, data from the Urban Redevelopment Authority showed Monday.
Developers in the city-state sold 932 units in private homes last month, up from 657 units in September 2017.
Private home sales also surged 51 percent month-on-month from 617 units in August.
Despite cooling measures introduced in July, market confidence seems to have improved in the city-state, analysts told Bloomberg.
“While it is early days to make a pronouncement of the full effects of the cooling measures, it would appear that while demand has slowed, many buyers are still on the market and are prepared to purchase at prices which they deem as reasonable,” said Ong Teck Hui, national director of research & consultancy at JLL, adding that seven private residential projects were launched last month.
A index tracking prices of private homes in Singapore rose 0.5 percent in the third quarter of 2018, the slowest growth in five quarters and down from a positive change of 3.4 percent in the second quarter.
However, Morgan Stanley predicted that home prices in Singapore could increase by up to 10 percent by the end of 2019 and double by 2030 due to fast income growth.
Ref: Property Report
