By Faris Mokhtar
(Bloomberg) -- Singapore home sales more than doubled in June as buyers flocked back to the market following the end of a two-month lockdown.
The number of new units sold rose to 998 last month from 487 in May, according to Urban Redevelopment Authority data released Wednesday. That’s the most since November and up from a near six-year low of just 277 in April.
First-home buyers taking advantage of a drop in prices and workers in sectors that haven’t felt the pain of the pandemic-induced recession, such as technology and the civil service, are underpinning demand, said Nicholas Mak, head of research and consultancy at APAC Realty Ltd. unit ERA.
“Developers are also looking to launch more developments,” which had been put on hold during the lockdown, Mak said. “Pent up supply is meeting pent up demand.”
While the bulk of buyers are local, the number of sales to foreigners has more than doubled, according to analysis of URA figures compiled by real estate consultancy OrangeTee & Tie Pte. Singapore property is seen by some wealthy Asian investors as a haven amid turmoil in global markets and political upheaval in Hong Kong.
The surge in home sales came after the government eased the lockdown — which had largely grounded the economy — on June 19. Most activity has since resumed, including property viewings and the reopening of display units, though groups are limited to a maximum of five people.
© 2020 Bloomberg L.P.