SINGAPORE: Singapore home sales slumped in March and are set to take a harder hit in coming months as the government enforces a more draconian lockdown that threatens to bring the property market to a standstill.
Initially praised for containing the virus, Singapore is now facing a surge in local infections. To prevent wider community transmission, it has shut schools and most workplaces. “This lockdown is a disruption to the velocity of transactions in almost all sectors of the economy and real estate is no different,” said Alan Cheong, executive director of research at Savills Plc.And while some are offering “virtual” tours, prospective buyers may not yet be ready to purchase properties online or be “in the right mood” given the gloomy economic outlook, said Clarence Foo, a Singapore-based realtor at APAC Realty Ltd unit ERA.
Luxury home sales plummeted 89% to 45 units last month from 412 in February in the absence of rich buyers from China who have propped up the top end of the market.
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