With uncertainties in the global economy affecting housing demand, private home sales in Singapore may come close to 2010's record high but are unlikely to exceed the figure, according to many experts.
The number of private homes sold in the first nine months of this year reached 12,301 units, compared with 12,051 units sold over the same period last year.
However, experts said a slower fourth quarter will likely leave this year's final figure below last year's total record. Property developers sold 16,292 homes in 2010, as rock-bottom interest rates and pent-up demand from first-time buyers and upgraders brought the real estate market to a new high.
Experts noted that a good local economy and low interest rates should underpin demand for private homes. However, the gloomy economic forecast has dampened market sentiment and the series of property cooling measures have also curbed speculative buying.
Source: Propertyguru – 2 November 2011
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