The recovery of the Singapore housing market is being driven by domestic demand

28/09/2017   Viewed: 532
According to the Straits Times, local buyers are controlling the real estate market during Singapore's recovery. Private buyers accounted for 77.6% of transactions in the first seven months of 2017.
 
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Colorful apartments in Singapore. Internet photos
 
Sales of new homes and resellers rose 56% to 10,565 units in the first seven months of the year compared to 6,785 units in the same period last year.

ZACD Group CEO Nicholas Mak said: Home trading volume this year has reached one of the highest levels since 2013 when mortgage rules tightened.

However, the demand of the people in the country has spurred the recovery of the market rather than from foreigners. In fact, the percentage of foreigners including permanent house buyers and other real estate has dropped to 22.4% in the first seven months of this year compared with 26% in 2016.

Many of Singapore's stringent stamp duties have reduced demand for speculation by other foreign buyers. Foreigners accounted for only 6% in the first six months of this year, according to Cushman & Wakefield data.

Cushman & Wakefield's research director, Christine Li, said: Local people are benefiting from the low-interest environment in investing in real estate. Demand is expected to increase further as more businesses enter the market.
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