Thursday 23 November 2017

Singapore home sales slump to lowest since 2009

Singapore's Urban Redevelopment Authority reported this week that home sales plunged 82% in December compared to a year ago, and ended the year at the lowest level since 2009.

Singapore home sales slump to lowest since 2009

Reflections at Singapore Marina. Photo: Property Report

January 16, 2014

The monthly figure was the lowest since January 2009, the data showed. Annual sales dropped 33% to 15,301 units, a four-year low.
The decline in sales comes as the Singapore government implemented tough measures to curb record prices, causing home sales to slide to 259 units last month compared with 1,410 in December 2012.

Fourth-quarter home prices slid for the first time in almost two years, cutting annual gains to the smallest since 2008, URA data showed earlier this month.

The government introduced loan curbs last June as it widened a campaign that started in 2009 to curb speculation in Asia's second-most expensive housing market after Hong Kong.

Previous curbs introduced by the Singapore government included new taxes and higher down-payments.

However, Singapore's central bank has said that 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.

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