Singapore Predicts Sales of 2000 Residential Units in Q4
Sales of new private residential homes in Singapore look set to plateau this quarter.
Based on latest figures, analysts expect a total of 2000 units to be sold in Singapore in Q4. This figure shows a total sales reduction of 1,000 units on Q3 and over 3,000 on Q2 2007.
However, the downturn in sales has not affected the price growth, with market watchers predicting a rise of 5-8% for Q4. This therefore brings the overall price increase for 2007 to 27-30% with early forecasts showing growth of 10-15% for 2008.
Donal Han, Managing Director of Cushman & Wakefield commented, “That brings the overall close to about 30% and I think that's still respectable, considering that the main movement of the market came about during the first 7 months of this year."
The trend for property has also changed, with a focus on the middle ground, mass-market sector and analysts believe this tendency will remain well into 2008. This shift for low-cost units may have arisen from the end of a deferred payment scheme, previously available to buyers.
Han said, "There's been also potential focus on targeting the Russian market. There are many high net worth individuals coming from Moscow looking to buy properties in Singapore.”
Property consultants within the area have reported that developers are turning to untapped overseas markets such as South Korea and the Middle East. Han said, "These are all non-traditional areas that developers are targeting on, and some have already embarked on this, other than targeting on the usual suspects."
For more information on overseas property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email: press@obeliskinternational.com
Based on latest figures, analysts expect a total of 2000 units to be sold in Singapore in Q4. This figure shows a total sales reduction of 1,000 units on Q3 and over 3,000 on Q2 2007.
However, the downturn in sales has not affected the price growth, with market watchers predicting a rise of 5-8% for Q4. This therefore brings the overall price increase for 2007 to 27-30% with early forecasts showing growth of 10-15% for 2008.
Donal Han, Managing Director of Cushman & Wakefield commented, “That brings the overall close to about 30% and I think that's still respectable, considering that the main movement of the market came about during the first 7 months of this year."
The trend for property has also changed, with a focus on the middle ground, mass-market sector and analysts believe this tendency will remain well into 2008. This shift for low-cost units may have arisen from the end of a deferred payment scheme, previously available to buyers.
Han said, "There's been also potential focus on targeting the Russian market. There are many high net worth individuals coming from Moscow looking to buy properties in Singapore.”
Property consultants within the area have reported that developers are turning to untapped overseas markets such as South Korea and the Middle East. Han said, "These are all non-traditional areas that developers are targeting on, and some have already embarked on this, other than targeting on the usual suspects."
For more information on overseas property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email: press@obeliskinternational.com
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