Property-report.com, 2 Dec 2008, Khalil Adis
The full impact of the global financial crisis is being felt in Singapore´s property market as it experienced a decrease in the number of subsales and foreign buyers but more public housing upgraders buying private properties, reported The Business Times.
The Business Times made this conclusion based on DTZ´s analysis of caveats of private homes in the third quarter of this year.
DTZ´s data shows total subsales of non-landed private homes fell 8 percent to 473 units in the third quarter.
Meanwhile, subsales of high-end condominiums and apartments (priced at least S$1,000 per sq ft) experienced the greatest decline of 24.2 percent quarter-on-quarter to only 213 transactions.
Foreign investors are also shying away from Singapore´s property market as their numbers slid 6 percent quarter-on-quarter to 903.
In addition, the number of foreign buyers that made up the total private home deals in the third quarter fell from 25 percent in the previous quarter to 22 percent.
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