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Singapore Home Sales Fell 48% In October After Loan Curbs

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Singapore’s home sales fell 48 percent in October from a year ago, signaling that the government’s efforts to cool the property market are working.

Home sales slid to 1,009 units last month compared with 1,949 in October 2012, according to data from the Urban Redevelopment Authority released today. From the previous month, sales decreased 19 percent, the data showed.

Clearly Singapore no longer wants to be wealthy...

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"There's quite a difference between the number of people who express interest in a development compared to those who are able to commit," she added.

That's a bit like the 'demand' the VI's constantly go on about here, justifying their prices / ever higher prices / forever HPI. And demand for housing is a very flexible thing.

Supply gluts, dearth of buyers. That's HPC sweet music.

Prices of private residential properties are also expected to fall this year and the next by between 10 and 20 percent, analysts say. The drop began at end of last year, due to the government measures, reducing prices that had increased by around two-thirds since end-2009.

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I write from Singapore, where I relocated to about 6 months ago. It's true, housing transactions have dropped off a cliff, as the government has decided that people's finances should be assessed based on a TSD (Total Serviceable Debt) before they obtain a loan.

Things here happen very quickly, and the month-by-month changes can be quite dramatic.

Rentals are softening as well, but the levels are astronomical (My 3 bed apartment costs 2,750 Pounds per month to rent. But it was sold for 1.4 Millions just 9 months ago...

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Hah! from here in Hong we spit in your general direction at your cheap rental prices. A friend of mine is renting a 4 bedroom place for 6000 GBP a month!

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