Unlike most of the property markets elsewhere in the world, Singapore's real estate market is booming with sales expected to set new records this year. Property sales soared in July, increasing by 50 percent from June to July as investors bought reasonably priced property in the luxury and middle-class price ranges. See the following article from Property Wire for more.
Residential property sales in Singapore have soared, reaching a record high since the country's Urban Redevelopment Authority began recording figures.
The latest data shows there were 2,767 real estate units sold in July this year, the highest monthly sales volume since records began in 2007. This followed another record month in June when 1,825 units were sold.
This means that property sales rose by 51.6% from June to July and it also represents a year-on-year increase of 206.8% in sales volumes.
Analysts say that the astonishing improvement in the country's real estate market is due to developers not being greedy and property investors recognizing that the middle and luxury markets are competitively priced.
'The robust sales momentum in July can be attributed to stronger market sentiment as well as an improvement in economic fundamentals, and more attractive new launches,' said Li Hiaw Ho, executive director of CBRE Research.
Price is vital to keeping the market buoyant, according to Mohamed Ismail of PropNex. 'While prices of new launches have been going up developers are still sensitive to the market situation and prices are as yet generally below the 2007 peak. That is why the private property market is now seeing such an amazing recovery,' he explained.
Over 54% of property transactions in July were outside the country's central region, indicating that the property improvement is countrywide. And high end developments are proving popular.
Property consultants CBRE is now forecasting record sales for the year. It expects new property sales to exceed the market peak of 14,811 sold in 2007.
This article has been republished from Property Wire. You can also view this article at Property Wire, an international real estate news site.