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Homes sales in Singapore hit 2-decade low in first 6 months of year

  • Singapore’s ruling party has been grappling with voter concerns about housing affordability ahead of an impending election

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Private homes in the Tanglin area of Singapore. The city state’s once-booming housing market has screeched to a halt in recent months. Photo: Bloomberg
Bloomberg
Singapore’s new-home sales barely rose in June, capping the weakest first half in at least two decades as sentiment wanes in the once-booming market.

Developers sold 228 units last month, up from 221 in May, figures from the Urban Redevelopment Authority showed on Monday.

That means fewer than 2,000 units were sold in the first six months of 2024, the least in available data going back to 2004, according to preliminary calculations.

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Initial home sales figures for the second quarter may be revised in finalised data released later this month.

High interest rates and government cooling measures have slowed Singapore’s real estate market.

Buildings under construction in Singapore. Policymakers ramped up the supply of private housing to the highest in more than a decade. Photo: Bloomberg
Buildings under construction in Singapore. Policymakers ramped up the supply of private housing to the highest in more than a decade. Photo: Bloomberg
At the same time, the city state’s ruling party is grappling with voter concerns about housing affordability ahead of an impending election, with policymakers ramping up the supply of private housing to the highest in more than a decade.
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