Singapore home sales jumped to their highest level in more than a decade, confirming a property market revival that’s raising expectations of further government curbs.
Developers sold 2,557 new private units in November, according to figures released by the Urban Redevelopment Authority (URA) Monday. That’s more than the previous six months combined, and the most for a single month since March 2013.
The resurgence was driven by multiple mass-market projects launched in the same month, as developers sought to capitalise on declining borrowing costs and pent-up demand. Buyers responded by lapping up suburban projects, including one in the east that sold more than 99% of its available 846 units.
The boom is renewing speculation for further housing curbs, as the government seeks to allay voter concerns about housing affordability ahead of elections due in less than a year. Singapore has introduced multiple rounds of measures in recent years to tame property prices, including a 2023 hike in stamp duty for most foreigners.
