Singapore property sales nosedive in October

Country:  Singapore

17 November 2009

Sales of uncompleted residential properties in Singapore plummeted 29% month-on-month in October, with fewer than 1,000 homes sold - the lowest level since January 2009.

Urban Redevelopment Authority (URA) data shows that Singapore property developers sold just 811 homes in Singapore last month, down from 1,143 Singapore properties in the preceding month.

The fall in sales in October was the third successive monthly drop since sales hit a high of 2,772 units in July. Nevertheless, volumes were still well above the 211 Singapore properties sold in October 2008.

The fall in sales comes after the government moved to curb demand for properties in Singapore, following a recent boom in prices, sparking fears of a bubble. The authorities are making more land available for the construction of new homes in Singapore and making it harder for homebuyers to defer payments.

See Also:   Marc Da-Silva, Property invesment news, Singapore, Urban Redevelopment Authority