Recently,The latest data released by the Urban Renewal Authority of Singapore,In the first half of 2024, the sales volume of new houses in Singapore fell to a historic low of less than 2000 units, setting the weakest first half performance since 2004.

Specifically,Although the sales volume of new homes slightly rebounded in June, the overall growth was almost negligible, with developers selling only 228 units, slightly higher than the 221 units sold in May. This slight growth did not conceal the dismal overall sales situation in the first half of the year, highlighting the weak market demand and the widespread wait-and-see attitude of buyers.

Industry analysts point out that the current difficulties in Singapore's real estate market are mainly attributed to the high interest rate environment and the government's cooling measures. In order to curb the rapid rise in housing prices, the Singapore government has introduced a series of regulatory policies in recent years, aimed at raising the threshold for home purchases and reducing market heat. However, while these measures effectively curb the rise in housing prices, they inevitably suppress the purchasing intentions of some potential homebuyers.

In addition, the upcoming general election has added a layer of uncertainty to the Singapore real estate market. The ruling party is working hard to increase the supply of private housing in response to voters' concerns about housing affordability. Although this measure may help alleviate the housing shortage in the long run, it may exacerbate the market's wait-and-see sentiment in the short term, as homebuyers generally expect more policy benefits or price discounts.

Despite sluggish sales data, Singapore's real estate valuations remain high.The median price of private homes in Singapore is1.32 million US dollars, which is the highest price in the Asia Pacific region. In terms of price per square meter, Hong Kong, China is the most expensive, reaching $18331, followed closely by Singapore and Shenzhen with prices of $11749 and $10142, respectively. ‌

The median monthly rent for private homes in Singapore is $2897, higher than in other cities. The rent for villas and apartments in Sydney is $2108 and $1963 respectively, ranking second. In Singapore, the price range of shops varies greatly. For example, a 225 square meter shop is priced at approximately 374400 RMB, while a high-end apartment/large flat located in Tanglin/Holland Village in District 10 is priced at 27.21 million RMB. In addition, there are more high-end properties, such as a 3-story high-end detached villa facing the ocean located in Sentosa, priced at 176.64 million RMB.

According to data released by Singapore real estate agency Orange Easy Industries, private residential prices have risen for four consecutive quarters, and sales of high-value public housing units have also reached a historic high in the first half of the year. This phenomenon indicates that despite facing many unfavorable factors, the resilience of Singapore's real estate market remains strong, particularly in the high-end market.

According to a report by Swiss company Baosheng Group Limited, Singapore has become the third highest priced city for private housing in the world, further exacerbating the housing pressure on local residents and making foreign investors more cautious in their decision-making.