SINGAPORE: Sales of new private homes and resale properties in Singapore rose last year despite prices hitting new records, data from the Urban Redevelopment Authority showed on Friday (Jan 28).
For the whole of 2021, developers sold 13,027 private residential units, compared with the 9,982 units in the previous year.
In the secondary market, 19,962 resale homes were sold, compared with the 10,729 such transactions in 2020.
Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie noted that 2021’s resale transactions were the highest since the 20,980 units sold in 2007.
“The fast-growing prices did not hamper demand, and sales were brisk across many project launches and resale developments last year,” she added.
Mr Mohan Sandrasegeran, research and content analyst at Ohmyhome, said that a combination of factors contributed to a well-performing market for the new private home sales segment.
“Pent-up demand, a recovering economy, a low interest rate environment and vaccine optimism … propelled demand and prices in 2021,” he said.