Singapore saw investment sales for residential properties drop 70% quarter-on-quarter to $929 million during the fourth quarter of 2019, due to the lack of sizable public land sales.
For the whole of 2019, residential investment sales fell 63% year-on-year to $6.8 billion, revealed Colliers International.
Despite the decline, Colliers remains optimistic as it expects this year’s residential investment sales to increase 3% year-on-year, on the back of sustained demand for luxury homes, stable supply of public land sales and developers acquiring sites, either via the collective sale market or public tenders, “to shore up their development pipeline towards the end of the year”.
“Overall sentiment should improve in the longer term, underpinning an average growth of 12% per annum in 2019-2024,” added Colliers.
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