Property analysts say the strong new private home sales in 2020 were remarkable given the recession and Covid-19 pandemic. — TODAY file pic
“This was beyond any conventional expectations one might have had during the circuit breaker in April to May last year, when economic uncertainty and an inevitable recession seemed to have stopped activity in the private residential market,” said Leonard Tay, head of research at property consultancy Knight Frank.
Low interest rates, as well as an increasing number of owners of Housing and Development Board flats looking to upgrade with their flats reaching the end of the five-year minimum occupation period were other factors cited by analysts.