Singapore’s housing market storms back

“Pent-up” demand and government property tax rebates helped propel strong Q2 sales figures

TRD NATIONAL TRD WEEKEND EDITION /
Sep.September 12, 2020 12:00 PM
Singapore (iStock)

Singapore (iStock)

Singapore’s residential market rebounded in the second quarter, reversing a sharp downturn brought on by the pandemic.

The recovery accelerated in June as new sales hit 998 units, nearly doubling the total from the month before, according to World Property Journal, citing data from real estate consulting firm Edmund Tie.

The trend kept going into the third quarter, as July figures reached 1,080 home sales, the highest number since November 2019, according to the report. Pricing, however, was relatively flat. Sales prices rose 0.3 percent in the second quarter, compared to Q1. Singaporeans accounted for 80 percent of condominiums sales, up from 77 percent in the first quarter.

Lam Chern Woon of Edmund Tie said the turnaround “could be attributed to the pent-up demand,” and “swift fiscal and monetary interventions by the government to bolster the economy.”

Those include some property tax rebates implemented by the government, along with policies meant to reduce pressure on buyers from taxes and debt.

Buyers appeared to be conservative in their purchases in the second quarter — transactions for properties under $1 million increased five percentage points quarter-over-quarter. More buyers showed a preference for properties over 500 square feet. [WPJ] — Dennis Lynch


Related Articles

arrow_forward_ios
(iStock)

With eviction moratorium set to expire, landlord-backed group raised more funds to help renters

With eviction moratorium set to expire, landlord-backed group raised more funds to help renters
Rents in ZIP codes where college students make up at least 20 percent of the population dipped half a percent in August (iStock)

Rent prices fall in college ZIP codes as remote learning rises

Rent prices fall in college ZIP codes as remote learning rises
Councilwoman Carlina Rivera (Getty, iStock)

City Council extends restaurant, retailer lease protections

City Council extends restaurant, retailer lease protections
With about $23 billion of hotel-related CMBS loans in forbearance, more lenders are looking to offload those mortgages. (iStock)

Hotel industry is in trouble and more lenders want out

Hotel industry is in trouble and more lenders want out
Are New Yorkers coming back? These charts tell the story

Are New Yorkers coming back? These charts tell the story

Are New Yorkers coming back? These charts tell the story
(iStock)

Laughing matters: Comedy club owners call for reopening

Laughing matters: Comedy club owners call for reopening
New York City restaurants have struggled to make rent throughout the pandemic but August marked a new high. Andrew Rigie of the NYC Hospitality Alliance (Getty; Institute of Culinary Education)

Rent struggles for NYC restaurants now worse than ever

Rent struggles for NYC restaurants now worse than ever
(iStock)

Movie theaters might not come back after all

Movie theaters might not come back after all
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...