June new private home sales slump 73% m-o-m in the absence of launches
a downward trend for New private home sales in june 2K23 with developers selling, excluding ECs, just only 278 brand-new homes. This translates to a decline of 73.2% in sales from the 1,039 units transacted in May, and 488 units which is 43% lower than in June last year. foreigners’ purchase for new homes slide down continuously in June, suggesting the compounded effect of the recent government instrumented cooling measures, Lee Sze Teck, senior director of research at Huttons Asia announced. Foreign buyers purchased 13 new homes last month (representing 4.7% of total new private home sales), compared to 30 transactions in May According to caveats by URA lodged. only seven units in the core central region were sold last month to foreign buyers, which is the lowest amount since February 2K21 when six new homes were sold to foreigners, Lee says. This is the first time since last year the first declined in monthly sales submitted and thus far the lowest for 2K23. It is also most bottom rocking low sales since December 2K22 when developers sold 170 new homes, says Tricia Song, head of research, Southeast Asia, at CBRE. Developers for new homes during the month as well as the June school holidays saw The reduction surfaces on the back of a dearth of launches . property housing developer who were eagerly preparing avidly to launch larger-scale projects of more than 500 units, opted to launch their projects in July to avoid the vacation period, notes Leonard Tay, head of research at Knight Frank Singapore.
the recent projects performance evidently showed that home purchasers activity is “very much alive”, indicated strongly by suburban homes. “Demand for such units in the remaining months of 2023 will continue to be underpinned by home buyers purchasing for their own occupation, as household balance sheets remain healthy,” he says.