Singapore residential sales fall 14% due to COVID-19

• Khat Leakhena
• 28 August 2020
• International News
• 1917 Views

Singapore-based property consultant EDMUND TIE & Company has reported that private home prices in Singapore fell by 1% quarter-on-quarter (q-o-q) in Q1 2020, according to their URA All Residential Property Price Index.

The Non-Landed Property Price Index (PPI) and the Landed Property Price Index also registered q-o-q declines of 1% and 0.9% in Q1 2020 respectively. The price decline amid the COVID-19 pandemic and economic slowdown has dampened market sentiments and reduced demand for homes as local homebuyers held back their purchase plans to assess their financial positions.

The COVID-19 pandemic has also led to lockdowns in many countries, restricting short-term visitors and potential foreign homebuyers entering Singapore.

As the number of new cases of COVID-19 has grown since March 2020, increased restrictions on mobility in Singapore with social distancing and limits on the number of visitors to residential show flats have reduced purchasing and leasing activities, impacting the private home transactions and prices. (Read more)