Photographer: Darren Soh/Bloomberg

Singapore Home Sales Top 8,000 Units in 2016, Beating 2015 Tally

  • Prices fell 3% in 2016 for third straight yearly decline
  • Home values have fallen 11% from 2013 peak amid curbs

Singapore house sales last year topped 2015’s tally as a third straight year of price declines stoked pent-up demand from homebuyers.

Developers sold 367 units last month, taking the yearly total to 8,136, compared to the 7,440 sold in 2015, according to data released Monday by the Urban Redevelopment Authority.

The surge in sales came even as Singapore’s government maintained real estate curbs rolled out since 2009. House prices have eased since the government began introducing housing curbs, with some of the strictest measures implemented in 2013.

Home prices fell 3 percent in 2016, the third straight yearly decline. Home values have dropped 11 percent from their 2013 peak.

Still, Singapore remains a high-end housing market -- the city was ranked Asia’s most expensive to buy a luxury home after Hong Kong, according to a 2016 Knight Frank wealth report.

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