Singapore property market recovery seen as private home sales surge 52% in Jul 2009

Sales of private homes hit a new high in July 2009, surging 52% from June, surprising most analysts. Market watchers said an element of speculation could be involved although a significant portion of the sales was backed by real demand. Most analysts expect full-year sales to exceed the record 14,811 sold in 2007 when prices went up almost 40%.

Analysts said low interest rates, relatively lower prices and the fear of missing the bottom, are some reasons for the strong sales. Buyers are also generally more optimistic about the outlook for the Singapore economy. The mass-market segment was the star performer, but luxury home sales remained stagnant with no units above S$3,500 per square foot being sold. Despite the strong demand, analysts said prices are unlikely to go up significantly.

- Depending on who you talk to, the Singapore housing market looks either sunny with looming clouds over the horizon, or it looks sunny all the way to Sunday (and beyond). Actually this round I am siding with the bulls for now as a number of positive factors including the so-called green shoots recovery in the US and Japan carries over here with the usual lag period, and add to that the opening of the Marina Sands IR (Integrated Resort) now slated for early 2010 should liven things up a bit at least through Q1 2009. After that what happens next is of course anybody's guess, and of course barring a repeat of Q3 2008, the Singapore property market would probably be running fine for a while.

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