Singapore property market strong in 2021

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Singapore property market strong in 2021

The data from the Urban Redevelopment Authority showed on Friday Jan 28 that developers sold 13,027 private residential units, compared with 9,982 units in the previous year, which was a big increase in Singapore's sales of new private homes and resale properties last year.

In the secondary market, 19,962 resale homes were sold, compared to the 10,729 transactions in 2020.

Ms Christine Sun, senior vice president of research and analytics at OrangeTee Tie, noted that 2021's resale transactions were the highest since the 20,980 units sold in 2007.

She said that the fast-growing prices did not hamper demand, and sales were brisk across many project launches and resale developments last year.

Mohan Sandrasegeran, research and content analyst at Ohmyhome, said a combination of factors contributed to a well-performing market for the new private home sales segment.

He said that demand and prices were boosted by pent-up demand, a recovering economy, a low interest rate environment and vaccine optimism.