Here’s a possible reason why the authorities are not inclined to remove any property cooling measures just yet: There was an across-the-board increase in caveats lodged for private home purchases in the second quarter compared to the previous quarter.
DTZ’s analysis of URA Realis caveats database shows a 37.1 per cent quarter-on-quarter increase in the total number of private homes transacted to 3,369 units in Q2.
A segmental breakdown showed that the number of units picked up in the resale market climbed nearly 41 per cent or 386 units to 1,328 units in Q2 from 942 units in Q1 – ending three consecutive quarters of decline.
New sales by developers too rose by 511 units or 36.8 per cent to 1,898 units. In the subsale market, 143 units changed hands in Q2, up 11.7 per cent from Q1.
Something unexpected has taken place in the second quarter of the year – Indonesians’ share of private home purchases here by permanent residents and foreigners sank to a fresh low.
So much so that Indians zoomed past to emerge as the third largest group of non-Singaporean buyers in the quarter. Indonesians came in fourth.
In absolute numbers, though, purchases by both nationalities increased quarter on quarter amid an across-the-board rise in private home transactions, according to a DTZ analysis of URA Realis caveats data.
In the April-June period, Indonesians bought 95 private homes, a 13.1 per cent rise from 84 a quarter earlier. This gave them an 11 per cent share of the 834 units acquired in Q2 by PRs and foreign buyers – the lowest recorded in the URA Realis database that dates back to Q1 1995.