New private homes sales doubled in June month-on-month, 988 units sold

  • As display galleries reopened, Developers in Singapore sold 998 new private homes in June compared 486 units sold in May, a 105% increase in the sales month-on-month, on the back of an unbelievable increase in demand and foreign buyers returning to the real estate market of Singapore.
  • Given the boom, consumers chose to remain cautious, with more than 90 per cent of the units sold being affordable homes.
  • As per Christine Sun, Head of research and consultancy, OrangeTee and Tie, the number of foreign buyers was the highest in 10 months while the overall transactions were the highest for June in seven years. The last time June had such a hug transaction was in 2013 where 1,806 units were sold.
  • As per the Urban Redevelopment Authority (URA), the 105% increase in sales in June is also higher than the 75.5% growth seen in May. The sales were also 22% higher year-on-year.
  • The foreigners transaction counted 169 in June – 120 permanent residents and 49 Non-permanent residents. The previous high for foreign buyers was in August last year when 188 units were acquired by foreign buyers.
  • The market reopened on June 19 in phases and show-galleries welcomed the prospects again with social distancing measures in place.
  • A number of foreign nationals purchased property last month because the rising macroeconomic instability led investors from abroad to safeguard their assets said, Ms. Sun.
  • Buyers remained largely cautious, however: out of 998 sales, 919 affordable homes sold – 489 in the Outside Central Region (OCR), 430 in Rest of Central Region (RCR), and 79 units sold in the Core Central Region (CCR).

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