Sharp drop in Singapore home sales

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Singapore apartmentDemand for new private homes in Singapore eased by 19 per cent in October 2012. According to data released by the Urban Redevelopment Authority (URA), 1,009 units of new homes were sold in the months, down from 1,246 units transacted in September.

Compared to October 2012, home sales fell 48 per cent, signaling that the government’s efforts to cool the property market are working. Home sales have been declining in the past four months compared with figures last year after the government imposed new rules in June governing how financial institutions grant property loans to individuals.

Record home prices amid low interest rates raised concerns of a housing bubble and prompted the city-state to introduce new taxes and higher minimum down-payments since 2009 to curb speculation in Asia’s second-most expensive housing market.

The top selling projects during the month were located in the suburban areas. So-called shoebox units, which measure around 50 square meters or less, accounted for 14 per cent of total private-residential transactions in Singapore in the nine months to September, according to a report from Knight Frank LLP. Shoebox units as a percentage of total apartments sold has been rising every year since 2009, the data showed.

 

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Reading Time: 1 minute

Demand for new private homes in Singapore eased by 19 per cent in October 2012. According to data released by the Urban Redevelopment Authority (URA), 1,009 units of new homes were sold in the months, down from 1,246 units transacted in September.

Reading Time: 1 minute

Singapore apartmentDemand for new private homes in Singapore eased by 19 per cent in October 2012. According to data released by the Urban Redevelopment Authority (URA), 1,009 units of new homes were sold in the months, down from 1,246 units transacted in September.

Compared to October 2012, home sales fell 48 per cent, signaling that the government’s efforts to cool the property market are working. Home sales have been declining in the past four months compared with figures last year after the government imposed new rules in June governing how financial institutions grant property loans to individuals.

Record home prices amid low interest rates raised concerns of a housing bubble and prompted the city-state to introduce new taxes and higher minimum down-payments since 2009 to curb speculation in Asia’s second-most expensive housing market.

The top selling projects during the month were located in the suburban areas. So-called shoebox units, which measure around 50 square meters or less, accounted for 14 per cent of total private-residential transactions in Singapore in the nine months to September, according to a report from Knight Frank LLP. Shoebox units as a percentage of total apartments sold has been rising every year since 2009, the data showed.

 

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