Singapore residence gross sales down 22%, as expat workforce hits 12-year low

Home sales in Singapore have fallen to their lowest fee in practically 2 years, as cooling policies and rising property taxes slowed the residential market. The number of international white-collar professionals working in the city-state has also reached a 12-year low.
The poor property sales reflect a lack of client confidence after the Singapore authorities raised taxes on high-end residences in February and strove to chill a spike in property costs final year, based on a report by the Bangkok Post.
Last month, the variety of new personal condominiums gross sales dropped to 527 units. That’s 22% decrease than the earlier month’s sales of 680 items, and the weakest since May 2020, when 487 residences have been offered.
The property sales might be impacted as Ukraine and Russia battle stirs international markets and drives up client prices, according to Christine Sun, the senior vp of research and analytics at OrangeTee & Tie. In February, only 1 project was launched, because of lesser exercise over the Lunar New Year celebrations. She said…

“Sales take up was notably slower last month as buyers had been extra cautious and stayed on the sidelines. Real property is a extremely sentiment-driven market.”

However, Singapore’s residential property market has remained steady during the pandemic, with gross sales and prices exceeding expectations despite viewing limitations — a development seen in different countries throughout the globe.
To guarantee affordability for brand spanking new Singaporean consumers, policymakers introduced residential property rules in December. ติดตั้งโซล่าเซลล์Huawei embrace higher stamp taxes for second-time home consumers and foreigners shopping for non-public properties, in addition to more durable lending restrictions.
Meanwhile, the number of white-collar expats working the city-state have fallen to the bottom since 2010, based on figures launched by the Ministry of Manpower on Wednesday.
As of December 2021, there were some 161,seven hundred overseas professionals holding the Employment Pass, representing a 9% reduction from the previous 12 months, and the lowest number since 2010’s 143,300, in accordance with the ministry’s website.
However, the Bangkok Post factors out that the trend may swing the opposite way, as Singapore shifts to a living-with-covid strategy, whereas similarly-sized Hong Kong continues implementing a strict “zero covid” policy and infections peek underneath the newest Omicron wave.
SOURCE: Bangkok Post

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