Private home sales plunged 52% in the first three quarters of 2014

Only 648 homes were sold last month.

The sales slowdown persisted in the third quarter. Data released today by the Urban Redevelopment Authority developers sold 6,030 private homes in the first three quarters of the year, a 52% decline from the 12,666 in Q313, and a 67% drop from the 18,223 units taken up in Q312.

However, September new home sales improved over August, thanks to the launch of several projects such as Highline Residences and Seventy St Patrick’s. Property developers sold 648 new private homes last month, up 50% from the 432 units sold in August.

According to Mohamed Ismail, CEO of PropNex Realty, “Developers will remain focused on moving units by attractively pricing the new projects and September saw some of these projects that are centrally located that drew the attention and interest. We predict that home seekers will remain selective for the remainder of the year, with a project’s location and price points as the main drivers of demand.”