{"id":8441,"date":"2020-06-17T11:30:55","date_gmt":"2020-06-17T04:30:55","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8441"},"modified":"2021-06-04T15:01:54","modified_gmt":"2021-06-04T08:01:54","slug":"sales-for-private-homes-declined-in-singapore-but-prices-remain-buoyant","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/sales-for-private-homes-declined-in-singapore-but-prices-remain-buoyant\/","title":{"rendered":"Sales for private homes declined in Singapore, but prices remain buoyant"},"content":{"rendered":"<p><span class=\"TextRun SCXW199842774 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199842774 BCX0\">However, analysts believe the pr<\/span><\/span><span class=\"TextRun SCXW199842774 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199842774 BCX0\">ices will drop more as the city-state still hasn&#8217;t allowed <\/span><\/span><span class=\"TextRun SCXW199842774 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199842774 BCX0\">sales\u00a0<\/span><\/span><span class=\"TextRun SCXW199842774 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW199842774 BCX0\">galleries<\/span><\/span><span class=\"EOP SCXW199842774 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\"> to reopen<br \/>\n<\/span><\/p>\n<figure id=\"attachment_8442\" aria-describedby=\"caption-attachment-8442\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-8442\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/06\/shutterstock_1426244690.jpg\" alt=\"\" width=\"1000\" height=\"666\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/06\/shutterstock_1426244690.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/06\/shutterstock_1426244690.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2020\/06\/shutterstock_1426244690.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-8442\" class=\"wp-caption-text\">Roof with sharply sloping sides of a modern house isolated against blue sky in a private housing estate in Katong, East Coast Singapore. JustinAdamLee\/Shutterstock<\/figcaption><\/figure>\n<p>Sales volume for new private homes dropped to around 12 percent in the first quarter of the year, while prices fell by only one percent, reported <a href=\"https:\/\/www.propertyguru.com.sg\/property-management-news\/2020\/6\/189054\/drop-in-private-home-prices-to-continue-analysts\" target=\"_blank\" rel=\"noopener noreferrer\">PropertyGuru Singapore<\/a>.<\/p>\n<p>However, since authorities have not yet allowed developers to open their sales galleries in the first phase of the reopening of post-circuit breaker period, analysts believe the prices will drop more.<\/p>\n<p>Christine Sun, head of research and consultancy at OrangeTee &amp; Tie, predicts the home prices to decline by three to five percent and expects some market segments to perform better than others.<\/p>\n<p>\u201cWe are not expecting it to be uniform across the whole industry because it really depends very much on the market segment,\u201d explained Sun.<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/singapore-offers-legal-protection-to-financially-distressed-property-buyers\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Singapore offers legal protection to financially distressed property buyers<\/strong><\/a><\/p>\n<p>She shared that the mass market developments have been switching about 70 percent of their units.<\/p>\n<p>\u201cBut if you look at other segments, for instance, like the resale market, there could be more price pressure, possibly because many of the individual sellers\u2019 holding power may not be as strong as the developers. Or they may face ongoing competition from the supply of new homes.\u201d<\/p>\n<p>On the other hand, CEO at PropNex Realty Ismail Gafoor said that the current situation is unlike the 2007-2008 global financial crisis when the property prices declined by 25 percent in three quarters since the pandemic has affected the entire globe.<\/p>\n<p>Therefore, developers are not cutting prices and consumers &#8220;are accepting that this is something that needs patience to ride over.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>However, analysts believe that the prices will drop more as the city-state still hasn&#8217;t allowed sales\u00a0galleries to reopen<\/p>\n","protected":false},"author":9,"featured_media":20612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[520,644,858,110],"class_list":["post-8441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-home-prices","tag-private-residential","tag-sales-volume","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sales for private homes declined in Singapore, but prices remain buoyant | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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