Singapore’s residential market saw its biggest rebound in six months, demonstrating the sector’s resilience as buyers anticipated an easing of COVID-19 restrictions.
Data from the Urban Redevelopment Authority (URA) showed that new private home sales surged by 82% to 1,589 units in July from 872 in June. This was the highest increase since January, when 1,633 homes were sold, and followed three consecutive months of declining sales through June due to tightened COVID-19 restrictions.
The rebound in Singapore’s home sales demonstrates the city-state’s property boom – with residential sales totaling S$32.9 billion in the first half of the year, a trend that is likely to continue. The government plans to further ease COVID-19 restrictions as part of its recent strategy to live with the virus rather than eliminate it.
Singapore property investment planner, Quek Yao Yang, said the jump was driven by buyers rushing to purchase homes out of fear of being priced out by rising prices, especially as Singapore’s economy is poised for further recovery with the government’s reopening plans.
He said that the demand for private homes in suburban areas is also growing, as buyers upgrade from HDB flats.
The buying frenzy had temporarily eased after authorities imposed stricter COVID-19 measures in May. This is now beginning to abate as vaccination rates rise to become among the highest in the world.
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