by OrangeTee & Tie Pte Ltd.

Singapore residential property market remains resilient despite downturn

SRX Private Residential Data

SRX Private Residential

SG, 30 Nov 2020

The residential property market has proven to be one of the few recession-proof sectors amid a pandemic that has plunged the Singapore economy into its worst-ever contraction.

Ms Christine Sun, OrangeTee & Tie's head of research and consultancy, said the HDB resale market got a lift from policy changes. These include allowing buyers greater flexibility in using their Central Provident Fund (CPF) monies to buy older flats, enhancing the CPF Housing Grant, raising income ceilings and allowing larger home loans for eligible buyers. The measures helped boost HDB resales to 7,787 units in the third quarter this year - the highest quarterly sales since the third quarter of 2010 when 8,205 units were transacted, Ms Sun added.

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