Singapore shows no signs of slowing

Singapore’s residential property market is still growing at an alarming pace, despite the government’s efforts to keep prices under control, according to Savills’ Residential Sales Briefing for October.

July saw 1,946 new home sales, according to the report – a 42% rise month-on-month. Total sales figures so far for 2012 now total 15,300, close to the total for the whole of 2011.
High-end homes are rising steadily, with Savills recording a 2% rise for luxury condos quarter-on-quarter in Q3. Prices have gone from S$2,300 ($1,864) per square foot to S$2,350 per square foot, a 9% year-on-year increase.

Savills predicted a return of foreign investors into the Singaporean market, with the high-end sector seeing a particular benefit.

"The bulkheads of Singapore's housing market are still firm at a time when global economies are being serially depth-charged by crisis after crisis, and we may in act benefit from QE3," said Alan Cheong, Savills Research.

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