Singapore home sales decline as property curbs introduced

·1-min read
 Singapore's new private home sales fell 60% to 650 units in December. (PHOTO: REUTERS/Edgar Su)
Purchases of new private apartments declined to 650 units in December., URA said. (PHOTO: REUTERS/Edgar Su)

By Faris Mokhtar

(Bloomberg) — Singapore home sales fell last month, as the government imposed measures to cool the property market.

Purchases of new private apartments declined to 650 units in December, Urban Redevelopment Authority figures showed Monday. That’s 60% lower than the 1,547 units sold in the previous month.

Singapore authorities imposed property curbs on Dec. 16 for the first time since 2018 to cool a market that saw home prices surge the most in more than a decade. The measures include higher stamp duties for second-time home buyers and foreigners as well as tighter loan limits.

Read how Singapore’s property curbs may be a short-term fix

Sales may continue to slow in the first few months of 2022, according to Bloomberg Intelligence. But the cooling measures may end up being a short-term fix in a market with an insatiable appetite for homes, with analysts previously saying they expect transactions to rebound as early as the second half of the year.

© 2022 Bloomberg L.P.

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