Singapore’s home sales rebounded last month to the highest level in more than a year, as buyers brushed aside rising interest rates and the government’s latest cooling measures.
Purchases of new private apartments jumped fivefold to 1,412 units in July from 278 the previous month, figures from the Urban Redevelopment Authority showed Tuesday. That’s the most since November 2021, when more than 1,500 homes were sold after the city-state eased Covid restrictions.
Singapore’s housing market has remained buoyant even as other countries from Canada to the UK struggle with slumping sales due to rising borrowing costs and inflation. But the red-hot market has shown signs of easing, with private home prices falling for the first time in three years in the second quarter.
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