Q3 real estate investments dropped to S$2.86 billion, the lowest since the Global Financial Crisis in 2009.
Investment sales of property in Singapore dived to S$2.86 billion in the third quarter, which is less than half of the S$6.07 billion in Q2 and the lowest level since Q2 2009 during the Global Financial Crisis when the sales were S$1.22 billion.
These investment sales of real estate were defined as big-ticket transactions of at least S$10 million, and are typically seen as a gauge of developers’ and property investors’ confidence in the medium to long-term prospects of the property market.
The statistics, compiled in a report by Savills Singapore, also shows a huge year-on-year decrease from S$5.58 billion in Q3 2014.
The dip in sales were attributed to weak global economic conditions and unexpected negative developments due the Chinese currency increasing volatility in the global financial markets.
In addition to macro reasons, property cooling measures and the reduction in Government Land Sale (GLS) sites also contributed to the huge drop in big-ticket property transactions between July to September.
For more information, please visit The Business Times.
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