Singapore home sales jump to second-highest level this year


1200x800

SINGAPORE, Aug 14 (Bloomberg): Singapore home sales rebounded last month to the second-highest level this year, as buyers brushed aside interest-rate and global slowdown concerns.

Purchases of new private apartments grew to 834 in July, Urban Redevelopment Authority figures showed Monday. It’s a 71% jump from the 488 units sold in June.

The city-state’s property sector has been bolstered by an influx of wealth, especially from China. Its low taxes, relative safety and an expedited pathway to permanent residency for the super-rich have bolstered Singapore’s status as a financial center.

Singapore’s bullish property sector stands out against other frothy markets that are starting to waver. New Zealand house prices fell for the first time in 11 years, due to interest-rate hikes. Some analysts said in March that Hong Kong’s property prices could slump by 20% by 2025.

The cost of renting in Singapore has also spiked. Prices skyrocketed the most in the city, surging by 8.5% in the first half, according to a survey of 30 cities by Savills Plc.

There is significant pent-up demand for new homes in the suburbs, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, adding that interest-rate hikes have had little impact on buyer sentiment last month. - Bloomberg

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Singapore , Home Sales , Rising High

   

Next In Aseanplus News

If there are calls, I am open to being PM for a third time, says Dr M
Asean News Headlines at 9pm on Saturday (Sept 24 2022)
The South China Sea dispute - Philippines’ Marcos eyes China compromise on issue
Tremors felt everywhere but govt confirms no casualties reported as powerful quake shakes Indonesia on Saturday morning (Sept 24)
Thailand to boost per capita income near US$10,000 in five years
Philippines logs 2,691 new Covid-19 cases and 29 deaths on Saturday (Sept 24)
Vietnam reports 1,176 new Covid-19 cases and no new deaths on Saturday (Sept 24)
Singapore: Ex-lawyer on the run for 15 years arrested and charged over RM282,000 misappropriated from client
Singapore inflation near 14-Year high boosts tightening bets
Indonesia anti-graft body arrests Supreme Court judge over bribery scandal

Others Also Read