Singapore home sales tumbled for a third straight month to the lowest in almost 14 years as a supply crunch kept buyers at bay.
Purchases of new privately owned apartments fell to 170 units in December, from 259 the previous month, Urban Redevelopment Authority figures showed Monday. That’s the lowest since January 2009, when 108 homes were sold after the global financial crisis affected buyer sentiment.
Analysts expect the Singapore market to pick up as the supply of homes rises. As many as seven projects with more than 500 units may be launched this year, compared with just one in 2022 and four in 2021, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie. More housing options may alleviate price pressures, she said.