Residential property prices, sales rise, DTZ says

Singapore’s property sales increased in the second quarter, according to a report by property consulting firm DTZ released today.

Homes in the city’s so-called core central area, known as districts nine, 10 and 11, rose 11.3% to $1,247 per square foot, DTZ said.

Last quarter, prices fell 3.7%. Outside of those districts, average home prices increased 3.2% to $573 per square foot in the second quarter, DTZ said.

“After the flurry of mass-market launches in the first quarter, buying spilled onto the mid-tier and upper-end segments,” the property company said.

Singapore’s government expects the economy may contract as much as 9% this year as the global recession saps demand for the island’s exports. Government statistics released yesterday showed a 5.9% drop in second-quarter private home prices, the fourth straight quarter of decline.

Source : The Edge – 4 Jul 2009

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