The demand for new private homes and the sales of homes in Singapore for the month of October this year both posted declining figures, latest data from the country’s Urban Redevelopment Authority (URA) showed.
Selling Spots The URA said that the demand for new private homes in Singapore saw a dip of 19 percent for the month of October as lower number of project launches was recorded. Based on URA’s data, 1,009 units of new homes have been sold in October, 19 percent lower than the 1,246 units sold in the previous month. The agency said that of the total number of houses sold, 716 were located in suburban areas, 212 were in the city fringe, and 81 were in the core central region. Discerning Buyers According to experts and analysts, people have been very discerning lately especially when it comes to buying homes. More buyers, they say, would go for deals and transactions that feature homes that are within their budget. Around 90 percent of the units launched for the month were sold, consultants said. Based on experts’ and analysts’ estimate, about 14,500 to 15,500 units of new private homes could be sold for the whole year of 2013. Meanwhile, home sales in Singapore for the month dropped by nearly half, URA said. Emerging Trend Notably, homes sales in the country dipped by 48 percent to 1,009 units from 1,949 in the same period last year. When compared to the previous month, October home sales are 19 percent lower. The agency also said that home prices in Singapore grew at the slowest pace in the three months ending September 30. Data from the URA also revealed that home sales in the country have been continuing to decrease in the past four months compared to last year’s.