Private home sales in Singapore jumped to highest in eight months as a broader economic slowdown spurred investors to park their money in a property market known as a safe haven.
Developers in the city-state sold 1,178 apartments in July, an increase of 43% from the previous month, and the highest level since November. Purchases by foreigners more than doubled to 82 units, the highest in a year.
The robust sales of high-value apartments were particularly noteworthy. Already 49 units worth more than S$5 million were sold between January and July compared with 30 units for the whole of last year.
According to Colliers International Group Inc., it expects private home prices to rise 1% this year.
given Singapore’s economic growth forecast of 0% to 1%.