Singapore Home Sales Rebound Even as Virus Limits Viewings

(Bloomberg) -- Singapore home sales rebounded after two months of consecutive declines, with demand spurred by long-term investors and those seeking upgrades even as virus restrictions limit viewings.

Purchases of new private apartments climbed about 9% to 909 units in October, Urban Redevelopment Authority figures showed on Monday. That’s higher than the 834 units sold in the previous month.

The rebound underscores the residential market’s resilience even as Singapore’s ongoing virus restrictions limit viewings of new homes and deter developers from launching developments. The city-state is cautiously moving ahead with its reopening, after a surge in cases since September. It’s easing some measures that include allowing a maximum of five people from the same household to dine out, but social gatherings of different people are still capped at two and work from home remains the default arrangement.

There’s still appetite for Singapore’s private homes as buyers look to upgrade to private units from public flats, which have seen prices surpassing the peak in 2013, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.

“There are also long term investors buying the next unit either for investment or for their children,” she said, adding that some buyers may also be concerned about being priced out and limited to a smaller pool of choices.

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