Sales of private homes by developers in Singapore rose 36.3 per cent year-on-year in September, official data showed on Tuesday (Oct 15). The sales surge - 1,270 new private homes were sold, up 13 per cent from August, excludes executive condominiums, compared with the 932 units sold in the same month a year earlier.
City-fringe residential condo projects attracted buyers like cats to catnip for Avenue South Residence, Meyer Mansion, etc.
The introduction of the TDSR, which in effect curtailed the amount people could borrow to buy a property, saw the private property price index dip by 3.5 per cent in 2014.
Flash estimates released by URA earlier this month showed the private residential property index increasing 0.9 per cent in the third quarter of 2019 compared to the 1.5 per cent increase in the previous quarter. Singapore also saw real estate investment sales soar 150 percent to $16.74 billion in the third quarter of 2019 from $6.7 billion in the previous quarter. The figure was also 49 percent higher than the $11.24 billion combined volume for the first and second quarter of 2019.
The proportion of new home sales in the Rest of Central Region (RCR) is 58.7%, up from 27.1% in the previous month. Furthermore, URA Realis data stated that the number of property purchased by Singaporeans rose 29.3 % to 1,078 units in September from 834 units in August.
Huttons Asia real estate advisor Kiwi Lim believed that Singapore is being viewed favourably among foreigners and ranked highly among international cities worldwide with property prices deemed attractive among financial centres globally. Moreover, Singaporeans are also leading the local real estate market momentum and is confident that property sales should remain healthy despite the economic slowdown.