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Singapore home sales jump to second-highest level this year

·1-min read
Singapore new private home sales in July jumped to the second-highest level this year
Purchases of new private apartments grew to 834 in July, Urban Redevelopment Authority figures showed. (PHOTO: Getty Creative)

By Simran Vaswani

(Bloomberg) — Singapore home sales rebounded last month to the second-highest level this year, as buyers brushed aside interest-rate and global slowdown concerns.

Purchases of new private apartments grew to 834 in July, Urban Redevelopment Authority figures showed Monday. It’s a 71% jump from the 488 units sold in June.

The city-state’s property sector has been bolstered by an influx of wealth, especially from China. Its low taxes, relative safety and an expedited pathway to permanent residency for the super-rich have bolstered Singapore’s status as a financial centre.

Singapore’s bullish property sector stands out against other frothy markets that are starting to waver. New Zealand house prices fell for the first time in 11 years, due to interest-rate hikes. Some analysts said in March that Hong Kong’s property prices could slump by 20% by 2025.

The cost of renting in Singapore has also spiked. Prices skyrocketed the most in the city, surging by 8.5% in the first half, according to a survey of 30 cities by Savills Plc.

There is significant pent-up demand for new homes in the suburbs, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, adding that interest-rate hikes have had little impact on buyer sentiment last month.

© 2022 Bloomberg L.P.