News & Articles Singapore private home sales down a third in April
Singapore private home sales down a third in April
16 May 2016
SINGAPORE, 16 May 2016:
Sales of private homes by developers in Singapore slid 36% in April from a year earlier, with demand expected to remain weak due to an uncertain economic growth outlook.
Developers sold 745 units in April, data from the Urban Redevelopment Authority today showed, down from the 1,167 units sold in April last year. The sales were also down 11.6% from the 843 units sold in March.
DBS analyst Derek Tan looks at the first-quarter company earnings for hints into the property market outlook. Lack of optimism about the business outlook does not bode well for home sales, he said.
“This year is going to be still a very modest year,” Tan said. “Although unemployment is low, the sense is that people are still a bit more cautious about their job prospects going forward.”
Since 2009, the government has introduced several rounds of measures to cool the rising market, including higher stamp duties and tougher mortgage conditions.
The measures sent prices of private homes down 3.7% last year, adding to the 4% fall in 2014, the first year of overall price decline since the global financial crisis.
Sales of private homes by developers in Singapore slid 36% in April from a year earlier, with demand expected to remain weak due to an uncertain economic growth outlook.
Developers sold 745 units in April, data from the Urban Redevelopment Authority today showed, down from the 1,167 units sold in April last year. The sales were also down 11.6% from the 843 units sold in March.
DBS analyst Derek Tan looks at the first-quarter company earnings for hints into the property market outlook. Lack of optimism about the business outlook does not bode well for home sales, he said.
“This year is going to be still a very modest year,” Tan said. “Although unemployment is low, the sense is that people are still a bit more cautious about their job prospects going forward.”
Since 2009, the government has introduced several rounds of measures to cool the rising market, including higher stamp duties and tougher mortgage conditions.
The measures sent prices of private homes down 3.7% last year, adding to the 4% fall in 2014, the first year of overall price decline since the global financial crisis.
Source: Therakyatpost.com
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