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New private home sales rebound; strongest January showing in 7 years

Sales of new private homes rebounded last month, marking the strongest January showing in 7 years.

Developers sold 618 homes – excluding executive condominiums – last month, 14.9% higher than the 538 units sold in the preceding month, data from the Urban Redevelopment Authority (URA) showed on Monday (Feb 17).

This was also 41.4% more than the 437 units sold over the same period last year.

The proportion of sales in the luxury segment or core central region (CCR) rose to its highest level since January 2019 at 21.5% (133 units).

The number of foreign buyers entering the private property market in the CCR segment has remained stable. The segment saw a 32.3% month-on-month increase of new private homes purchased by foreigners, citing data from URA Realis. On a month-on-month basis, the overall volume of CCR transactions increased by 60.2%.

-17 Feb 2020

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