New private home sales in December sank to lows last seen during the 2008 global financial crisis, as buyers stayed cautious in the face of heightened macroeconomic uncertainty and higher borrowing costs, and as developers held back new launches amid the year-end lull.
Developers' sales, excluding executive condominiums (ECS), plummeted 82.8 per cent to 135 in December the lowest monthly sales tally since January 2009, when 108 new units were sold.
On a yearly basis, sales were down 20.6 per cent from 170 units in December 2022. Including ECS, new home sales were down 81 per cent to 152 units.
Ms Chia Siew Chuin, JLL's head of residential research for Singapore, noted that the average take-up rate of new projects (at least 100 units) in the first month of launch slowed to 55 per cent in 2023, from 72 per cent in 2022.
She cited buyers' resistance to higher prices amid downbeat macroeconomic conditions, several rounds of cooling measures, elevated interest rates and ample new housing options.
For the whole of 2023, 6,452 new homes, excluding ECs, were sold, representing the lowest annual sales since 2008, when 4,264 units were transacted, analysts said.
Developers launched just 36 new units for sale in December - a sixmonth low since June 2023, when 31 units were released - down from 970 units in November.
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