Singapore Home Sales Drop 26% in October

Private home sales in Singapore in October dropped 26 percent from the previous month, as some developers held back launches and investors stayed on the sidelines in the wake of fresh property cooling measures, official data showed on Thursday.

Developers sold 1,948 residential units last month excluding executive condominiums, a category of apartments reserved mainly for Singaporeans, the lowest number since June and down from 2,621 in September, according to data from the Urban Redevelopment Authority.

However, October’s sales were still 40 percent higher than a year ago due to buoyant demand in the mass market, underscoring government concerns of rising home prices in the tiny city-state.

To cool its property market, Singapore’s government has introduced a string a measures, the latest being a move in October to cap the maximum tenure for all new residential property loans at 35 years, with loans exceeding 30 years facing significantly tighter loan-to-value limits

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza