Real Estate
Singapore Home Sales Set for Worst Year Since Financial Crisis
- Standoff between developers and homebuyers is slowing market
- Property consultants slashed 2024 forecasts after weak August
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Singapore new-home sales are likely to fall this year to the lowest since the global financial crisis, according to property consultancies that cut their forecasts after yet another month of weak transactions.
Developers sold fewer than 2,700 units this year through August, according to Bloomberg calculations based on Urban Redevelopment Authority figures. CBRE Group Inc. and Jones Lang LaSalle Inc. now see the total for 2024 dropping below last year’s 6,421, which was the least since 4,264 in 2008.