Government-imposed cooling measures for the property market in Singapore appear to be having the desired effect, with sales dropping by around 30 per cent last month, new figures have revealed.
The Urban Redevelopment Agency in the country has revealed that demand for real estate has fallen.
In total, 583 units were sold in December, down from 1,332 the month before. It means that the overall level of private home sales in Singapore reached a record 16,364 units in 2010, topping the previous peak of around 14,800 in 2007, Colliers International said.
However, many analysts have warned that the slowdown in sales is typical for this time of year as there are generally fewer starts from developers and a reduced interest from potential buyers and investors.
As such, sales are expected to pick up again as the year progresses.
"December is a month where you got parents rushing around for their children's PSLE results; you've got people going off on their holiday. Developers at the same time also launch fewer units and will have advertised less in the month of December," said Ku Swee Yong, chief executive officer of International Property Advisors.