Property sales soar in Singapore
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Residential property sales in Singapore have soared, reaching a record high since the country's Urban Redevelopment Authority began recording figures.
The latest data shows there were 2,767 real estate units sold in July this year, the highest monthly sales volume since records began in 2007. This followed another record month in June when 1,825 units were sold.
This means that property sales rose by 51.6% from June to July and it also represents a year-on-year increase of 206.8% in sales volumes.
Analysts say that the astonishing improvement in the country's real estate market is due to developers not being greedy and property investors recognising that the middle and luxury markets are competitively prices.
'The robust sales momentum in July can be attributed to stronger market sentiment as well as an improvement in economic fundamentals, and more attractive new launches,' said Li Hiaw Ho, executive director of CBRE Research.
Price is vital to keeping the market buoyant, according to Mohamed Ismail of PropNex. 'While prices of new launches have been going up developers are still sensitive to the market situation and prices are as yet generally below the 2007 peak. That is why the private property market is now seeing such an amazing recovery,' he explained.
