SINGAPORE: Singapore home sales closed on a positive note last year as sales rose the most in six months in December, signalling a resilient market that has weathered the city’s worst recession.
Sales of new private apartments jumped 57% last month to 1,217, from 774 in November, according to Urban Redevelopment Authority data released Friday.The percentage increase is the biggest since June, when purchases doubled. Like many countries, Singapore’s residential property market was badly battered at the peak of the virus, made worse when the city entered a two-month lockdown.Singapore’s property market recovery has been faster than in other nations.
Pent-up demand, low interest rates and stimulus injections worth more than S$100 billion have enabled the residential market to rebound.Property values also saw the largest increase in more than two years, according to the government’s most recent estimates. Buyers are expected to flock to the market amid optimism that the virus spread in the city is under control, with the government easing measures and rolling out vaccinations.Subscribe to our newsletter and get news delivered to your mailbox.