Chart of the Day: Local demand anchors Singapore's property market

Singaporeans comprised 8.4.% of all new non-landed home sales.

This chart from the URA and OrangeTee & Tie shows that the country’s property market is supported by strong local demand, whilst returning foreign buyers also contributed to the increase last month.

Singaporeans accounted for the bulk of purchases with 1,047 transactions, comprising 84.4% of all new non-landed home sales last month at 1,240 units. This is the highest number of local purchases since July 2018.

The number of new non-landed homes bought by Permanent Residents (similarly rose to a two-year high with 139 transactions whilst non-PR purchases hit a seven-month high with 54 units last month.

This reflects a sustained appetite towards investment assets amongst locals, said OrangeTee & Tie’s Christine Sun, as properties remain the “safer bet” particularly for those in search of stable and diverse sources of returns.