Singapore Property | Despite having a rising unemployment rate, August new home sales in Singapore records the highest sales since September 2019. Agents have managed to sell 1227 units aside executive condominium; this was an increase of 9.3% month-on-month and 13.6% year-on-year. This was a surprise to many home sellers due to the worsening result of the pandemic. The selling of 212 units at the Forett at Bukit Timah as of 31 August may have facilitated this event.
Reports from URA Realis data has shown that; August sales of 1227 unit were the highest unit ever recorded since September 2019 which saw about 1270 units sold. The inclusion of executive condominium increases the sale to about 1276 units says Head of Research and Consultancy at Orange Tee & Tie, Christine Sun.
“Backed by increasing demand for new units, we had thought that August’s new home sales could be around 1080 units. Or perhaps just slightly above it is given that the market activity was typically slower during the pandemic. But to our surprise it wasn’t,” said Head of Research and Content at PropNex, Wong Siew Ying.
More on August Records Highest Home Sales Since September 2019
Data from the Ministry of Manpower also display that the overall retrenchments increased from 3220 in the first quarter to 6700 in the second quarter. It also revealed that job losses rose over the next six to twelve months as the pandemic’s economic impact was felt.
Head of Property Network at Knight Frank, Evan Chung said most units were purchased by young couples or couples who have their weddings postponed due to the pandemic. The other factor to the increasing sales in the condo would be the ground stems from the fear of missing out. He further explained the price hike for Singapore properties also allowed to be afforded by home seekers before the prices become unaffordable.