Singapore Home Sales Drop for Third Month Due to Virus Curbs

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Singapore home sales dropped for a third straight month as tightened pandemic restrictions cooled a rebound in the property market.

Purchases of new private units fell 2.6% to 872 in June from 895 in May, Urban Redevelopment Authority figures showed on Thursday.

Home sales have eased since the government imposed lockdown-like conditions in May to curb the delta variant spread, including limits on the number of people who can view apartments. That's put the brakes on a year-long residential market boom, though analysts expect the pause will be temporary now that restrictions are being relaxed.

“It's not the end of the property frenzy,” said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie. “Sales activities will likely accelerate in the coming month as developers are rushing to launch their projects, plus the restrictions imposed on viewings may be further eased as more residents are vaccinated.”

Growth in home prices slowed last quarter for the first time in more than a year, URA figures showed this month.

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