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Defying global uncertainties and a slowing economy, Singapore's private property market showed it was in good health, with the highest number of new homes being sold in a single quarter in more than six years.
Private home prices also rose in tandem, climbing 1.3 per cent in the third quarter of this year, compared with the previous three months.
In Q2 2016, there were hopes among sellers and developers that property prices had bottomed out. After the big price drops in Q3 2016 however, and continued sluggishness in the past month, it seems apparent that we may not have hit rock bottom yet. This is good news for home buyers, who will continue to see rising affordability. Investors, however, may find their holding power tested.
Singapore’s housing market may face “fire sales” with mortgage defaults as the government’s property curbs hurt home sales and prices, the city-state’s second-biggest developer said.
City Developments Ltd (CIT), which built luxury condominiums such as St. Regis Residences near the Orchard Road shopping belt, said the high-end market in particular remains subdued, with developers holding back the sale of new projects. Rents, especially for high-end homes, are on the decline, it added.
June's headline 73 percent plunge in Singapore's new home sales may look worrying, but some analysts are pointing the blame at the World Cup.
"We didn't see many launches by developers, mainly because of the June school holidays and also there has been an impact from the World Cup on the property market," said Donald Han, managing director at property consultant Chestertons. "Even in the stock market, there was a softer period in terms of trading activity."
Singapore said Friday that measures it had implemented to cool down the property market have succeeded but it was "too early" to relax them.
