by OrangeTee & Tie Pte Ltd.

Property market's state of play



SG, 06 Dec 2020

The Covid Pandemic has ravaged economies worldwide and consumer sentiment remains largely subdued, the skies seem brighter for Singapore's property sector so far. A surge in buying activities and an uptick in sales were observed across many housing segments after the circuit breaker period.

But during the lockdown, flats were shuttered and home viewings were banned for two months to prevent the spread of the infection. As a result, private home sales dipped by 37.6 per cent from 4,269 units in the first quarter to 2,664 units in the second. Overall prices of private homes slipped 0.7 per cent in the first half of this year. 

The public housing market was not spared either. Resale transactions tumbled by more than 40 per cent quarter on quarter to 3,426 units in the second quarter. In a surprising turn of events, the property market roared back to life when viewings were permitted again. June's new home sales surged by more than 100 per cent month on month to their highest level in seven years.

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