Singapore’s home sales fell 48 percent in October from a year ago, signaling that the government’s efforts to cool the property market are working.
Home sales slid to 1,009 units last month compared with 1,949 in October 2012, according to data from the Urban Redevelopment Authority released today. From the previous month, sales decreased 19 percent, the data showed.
Home sales have been declining in the past four months compared with figures last year after the government imposed new rules in June governing how financial institutions grant property loans to individuals. Record home prices amid low interest rates raised concerns of a housing bubble and prompted the city-state to introduce new taxes and higher minimum down-payments since 2009 to curb speculation in Asia’s second-most expensive housing market.