Home sales in Singapore slump 72% in January

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singapore homesNew private home sales in Singapore dropped 72.1 per cent in January 2014, as developers held back launches and lending restrictions depressed demand, according to data released by the Urban Redevelopment Authority (URA) on February 17.

Developers sold just 565 new private homes last month, up from December’s four-year low of 259 units. The January figure was, however, well below the 2,028 units sold in January 2013.

Singapore’s residential property market has slowed since the middle of last year, following moves by authorities to cap the amount of money people can borrow. Investors are also concerned about the upcoming supply of new units, and property analysts say private home prices could fall by as much as 15 percent this year.

In the final quarter of 2013, private home prices fell 0.9 per cent from the previous three months – the first decline in nearly two years. evelopers in Singapore sold around 15,000 new homes last year, some 30 per cent down from 2012.

Looking ahead, property consultants say they expect the weak sentiment to continue to weigh on sales in the near-term. The month of January typically sees weaker home sales, with fewer launches during the festive season. However, new private home sales last month were the lowest for the month of January since 2009 due to weak market sentiment.

The government introduced loan measures in June 2013 as it widened a campaign that started in 2009 to curb speculation in the city state. Singapore’s property market is stabilising and the country isn’t facing a credit bubble that puts the island or its banking system at risk of a crisis, the central bank said on January 15. The Monetary Authority of Singapore in a statement February 10 that broadened exemptions from borrowing limits for home buyers who bought properties before the June rules were introduced, making it easier for those buyers to refinance mortgages.

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Reading Time: 1 minute

New private home sales in Singapore dropped 72.1 per cent in January 2014, as developers held back launches and lending restrictions depressed demand, according to data released by the Urban Redevelopment Authority (URA) on February 17.

Reading Time: 1 minute

singapore homesNew private home sales in Singapore dropped 72.1 per cent in January 2014, as developers held back launches and lending restrictions depressed demand, according to data released by the Urban Redevelopment Authority (URA) on February 17.

Developers sold just 565 new private homes last month, up from December’s four-year low of 259 units. The January figure was, however, well below the 2,028 units sold in January 2013.

Singapore’s residential property market has slowed since the middle of last year, following moves by authorities to cap the amount of money people can borrow. Investors are also concerned about the upcoming supply of new units, and property analysts say private home prices could fall by as much as 15 percent this year.

In the final quarter of 2013, private home prices fell 0.9 per cent from the previous three months – the first decline in nearly two years. evelopers in Singapore sold around 15,000 new homes last year, some 30 per cent down from 2012.

Looking ahead, property consultants say they expect the weak sentiment to continue to weigh on sales in the near-term. The month of January typically sees weaker home sales, with fewer launches during the festive season. However, new private home sales last month were the lowest for the month of January since 2009 due to weak market sentiment.

The government introduced loan measures in June 2013 as it widened a campaign that started in 2009 to curb speculation in the city state. Singapore’s property market is stabilising and the country isn’t facing a credit bubble that puts the island or its banking system at risk of a crisis, the central bank said on January 15. The Monetary Authority of Singapore in a statement February 10 that broadened exemptions from borrowing limits for home buyers who bought properties before the June rules were introduced, making it easier for those buyers to refinance mortgages.

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