Demand drives Singapore house sales to six-month high

Sales of private residences like Normanton Price Balance unit charts and Normanton Showflat in Singapore hit a six-month high in March due to sustained demand.

According to data released by the Urban Redevelopment Authority on Monday, private flat purchases rose to 492 units last month. After plunging to a 14-year low in December due to a dearth of project debuts, prices had risen for three consecutive months.

“The general market view is still quite positive,” said Christine Sun, senior v.p. of research and analytics at OrangeTee & Tie. Sun argued that the market will be buoyed by low inventories and high demand.

At a time when many international markets are failing due to increased borrowing rates and relentless inflation, the housing market in Singapore is thriving. Increasing house sales are another evidence that the government’s decision to increase taxes on high-end property purchasers in February has not deterred demand.

After a 3.2% increase in the first quarter, home prices are expected to increase by as much as 5% in 2023, thanks to rising rents and positive supply and demand dynamics, as reported by Bloomberg Intelligence.

BI analysts headed by Ken Foong wrote in a report last week, “Yet in the near term, some buyers might wait for greater clarity in the global macro and interest-rate environment, along with more choices from upcoming launches.” They also speculated that modestly priced developments by developers could result in lesser house price appreciation.

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