Singapore – Sep Private Home Sales Reverses Aug Decline

Sales of new private homes in Singapore rose for the second-straight month in September as firm demand for suburban housing lifted the city-state’s real-estate market off a recent slump.

Private developers sold 1,246 new residences in September, up 65% from a revised 756 units in August, according to data published by the Urban Redevelopment Authority. Transactions had risen 57% in August from July, when just 482 units were sold–the lowest monthly tally since December 2009.

Analysts had expected some improvement in sales volume since July’s slump as private developers and home buyers adapted to recent new government curbs on property loans, introduced to rein in rising home prices. Sales in September were nonetheless down 52% compared to the same month last year.

July’s sales slump, marked by a 73% drop from June, came after Singapore’s central bank in June imposed new rules to discourage “imprudent” property loans from being made to individuals, and closed loopholes that allowed some homeowners to circumvent loan restrictions and avoid paying levies when buying additional property.

Dow Jones

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