for foreign buyers in April to 60% — the highest among major markets. It also raised levies for second-home buyers.
“We believe the recent moderation in prices was driven by the latest round of property cooling measures in April, and we expect prices to edge up for the rest of the year,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a note on Monday. The bank projected 5% price growth for the full year.
While prices fell last quarter, transaction volume increased by about 16% from the previous three months, according to URA. Home sales reached a“We are continuing to see signs of moderation in the property market,” Singapore’s Minister for National Development Desmond Lee wrote in a Facebookafter the figures were released. “We have also continued to increase housing supply to meet the demand.”
Singapore’s property frenzy has also reached the market for public homes. An index of Housing & Development Board resale prices reached a new high in the second quarter, rising 1.4% from the previous three months. That’s the 13th straight quarter of gains.