By Faris Mokhtar

(Bloomberg) — Singapore dwelling gross sales slumped to the bottom in 21 months because the residential market slows on cooling measures and better property taxes.

Purchases of latest personal residences fell to 527 models in February, City Redevelopment Authority figures confirmed Tuesday. That’s 22.5% decrease than the 680 models bought within the earlier month and the bottom since Could 2020, when 487 residences have been bought.

“Gross sales take up was notably slower final month as patrons have been extra cautious and stayed on the sidelines,” stated Christine Solar, senior vice chairman of analysis and analytics at OrangeTee & Tie. “Actual property is a extremely sentiment-driven market.”

The lacklustre gross sales underscore weaker purchaser confidence after the Singapore authorities raised taxes on high-end properties in February, and moved to quell a surge in home prices final 12 months.

Read more: Singapore Imposes Property Curbs to Help Cool Housing Market

Singapore’s dwelling gross sales can also be affected because the warfare in Ukraine roils fairness markets and raises the costs of commodities, Solar stated. Only a single venture launched in February, she stated.

Like different nations world wide, Singapore’s residential property market has remained resilient through the pandemic, with gross sales and costs surpassing expectations regardless of viewing restrictions.

That prompted coverage makers to introduce residential property curbs to take care of affordability, including increased stamp duties for second-time dwelling patrons and foreigners buying personal property in addition to tighter mortgage limits in December.

© 2022 Bloomberg L.P.