Singapore’s home sales fell 52 percent in September from a year ago, signaling that the government’s efforts to cool its property market are working.
Home sales fell to 1,246 units last month compared with 2,621 in September 2012, according to data from the Urban Redevelopment Authority released today. From the previous month, sales increased 65 percent from a revised 756 units sold in August as developers marketed more projects, the data showed.
Record home prices amid low interest rates raised concerns of a housing bubble and prompted the government to widen a campaign that started in 2009 to curb speculation in Asia’s second-most expensive housing market. Singapore unveiled new rules in June governing how financial institutions grant property loans to individuals, in addition to previous curbs including new taxes and higher down-payments.