Singapore home sales rebound in third quarter

Density architecture of living districts of Singapore

Amid the ongoing Covid-19 pandemic which hit Singapore’s economy quite hard, new home sales in the city-state have interestingly rebounded somewhat in the third quarter, according to data released by Singapore’s Urban Redevelopment Authority.

Data for August shows that new home sales rose “higher and quicker” than expected and surged to an eleven-month high and their fourth consecutive monthly increase. New homes sales hit their highest August level of the past three years as their number increased by 14.4 per cent month-on-month and rose 11.8 per cent on an annual basis.

Destination-wise, private homes outside of the Central Region continue to form the bulk of purchases in August, while central areas such as Raffles Place, Cecil and Marina saw a drop all along the second and third quarters.

Overall, sales were outperforming by a factor of nearly four the equivalent month during the global financial crisis of 2008, whereby record-low interest rates and a desire to preserve wealth in safe investments were driving demand in new home sales, the authority said.

It also found that foreign buying of non-landed new homes hit a two-year high, counting those with permanent residency, while acquisitions by foreigners without permanent residency hit a seven-month high. Foreign buyers accounted for 15.6 per cent in August.

Strong interest from Chinese home buyers

According to property research firm Juwai IQI, Chinese buying interest is also one of the drivers in the private home sales rebound in Singapore.

“The partial data we already have shows that this third quarter will be the strongest at least since the third quarter of 2019. That is in terms of the number of Chinese buyer inquiries made on Singaporean residential real estate,” Juwai IQI executive chairman Georg Chmiel said.

“The Chinese economy is rebounding, Singapore is beginning to open up again and there isn’t a great number of destinations with equal levels appealing for wealthy Chinese buyers,” he added.



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Density architecture of living districts of Singapore Amid the ongoing Covid-19 pandemic which hit Singapore’s economy quite hard, new home sales in the city-state have interestingly rebounded somewhat in the third quarter, according to data released by Singapore’s Urban Redevelopment Authority. Data for August shows that new home sales rose “higher and quicker” than expected and surged to an eleven-month high and their fourth consecutive monthly increase. New homes sales hit their highest August level of the past three years as their number increased by 14.4 per cent month-on-month and rose 11.8 per cent on an annual basis. Destination-wise, private...

Density architecture of living districts of Singapore

Amid the ongoing Covid-19 pandemic which hit Singapore’s economy quite hard, new home sales in the city-state have interestingly rebounded somewhat in the third quarter, according to data released by Singapore’s Urban Redevelopment Authority.

Data for August shows that new home sales rose “higher and quicker” than expected and surged to an eleven-month high and their fourth consecutive monthly increase. New homes sales hit their highest August level of the past three years as their number increased by 14.4 per cent month-on-month and rose 11.8 per cent on an annual basis.

Destination-wise, private homes outside of the Central Region continue to form the bulk of purchases in August, while central areas such as Raffles Place, Cecil and Marina saw a drop all along the second and third quarters.

Overall, sales were outperforming by a factor of nearly four the equivalent month during the global financial crisis of 2008, whereby record-low interest rates and a desire to preserve wealth in safe investments were driving demand in new home sales, the authority said.

It also found that foreign buying of non-landed new homes hit a two-year high, counting those with permanent residency, while acquisitions by foreigners without permanent residency hit a seven-month high. Foreign buyers accounted for 15.6 per cent in August.

Strong interest from Chinese home buyers

According to property research firm Juwai IQI, Chinese buying interest is also one of the drivers in the private home sales rebound in Singapore.

“The partial data we already have shows that this third quarter will be the strongest at least since the third quarter of 2019. That is in terms of the number of Chinese buyer inquiries made on Singaporean residential real estate,” Juwai IQI executive chairman Georg Chmiel said.

“The Chinese economy is rebounding, Singapore is beginning to open up again and there isn’t a great number of destinations with equal levels appealing for wealthy Chinese buyers,” he added.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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