August private home sales hit 11-month high as property market sees pent-up demand

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SINGAPORE: Private developers sold 1,256 new homes excluding executive condominiums in August, surprising analysts by achieving the highest ...

August's sales figures bucked the trend and were surprising given challenges facing the economy and labour market, said analysts.

The sales volume"bucked the trend", as market activity tends to slow during the Hungry Ghost Festival, said Ms Christine Sun, head of research and consultancy at OrangeTee. This could be attributed to more buyers seeking shelter in safe-haven assets amid rising economic uncertainty and volatile equity markets, said Ms Sun, adding that low interest rates also made mortgages more affordable.

But new home sales may start to moderate slightly in the coming months as this pent-up demand is absorbed into the market, he said.Describing"strong domestic demand" in the market, Ms Sun noted that Singaporeans accounted for 84.4 per cent of transactions – or 1,047 – in August, and this was the highest number of Singaporean purchases since July 2018.

 

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