In Singapore, Home Sales Plummet

In Singapore, Home Sales Plummet

Residential News » Asia Pacific Residential News Edition | By Francys Vallecillo | November 15, 2013 10:18 AM ET

Home sales in Singapore plunged 48 percent in October from a year earlier, showing the effects of measures enacted by the government in the summer to cool the property market. 

The number of homes sold in October totaled 1,009 units, compared to 1,949 units last year, according to a report from the Urban Redevelopment Authority. 

Sales dropped 19 percent compared to the previous month, according to the data. 

Home sales in the country have been sliding during the past four months, after the government launched new rules for the property market. With concerns of a growing price bubble, new rules included an increase to down payments paid by home buyers for a second loan. Since then, home prices have also dropped, with third quarter prices reaching their lowest in 18 months. 

Property developers are recognizing the effect as well, analysts say. 

"Developers have been a bit apprehensive about the sentiment so they seem to have marketed fewer projects," Nicholas Mak, an executive director at SLP International Property Consultants in Singapore, told Bloomberg.

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