Chart of the Day: Secondary sale transactions plunged 62.35% to 1,840 units
Buyer sentiment was down in Q2.
This chart from Knight Frank shows that secondary sale transactions in Q2 plunged 62.35% YoY to 1,840 units as buyer sentiments weakened.
However in a quarterly basis, it recovered 13.4% following the decline in Q1 to 1,623 units. The same trend was observed with primary sales transactions as it went down 28.1% YoY.
Knight Frank added that secondary sales would likely be in the range of 7,000 to 8,000 units in 2019, noting that sales may be projected to increase as real estate is perceived as a safer investment for long term capital appreciation.
“Buyers with a longer investment horizon are likely to overlook the stamp duties due to Singapore’s stable political environment and its potential upside as a gateway city to fast-growing Southeast Asia,” said Alan Tan, head of KF property network.
In addition, the report stated that new sales rose 28.4% QoQ to 2,159 units in Q2 from 1,681 units in Q1. These sales are projected to reach between 7,000 to 8,000 units by year-end.