Singapore property sales hit all-time high

Sales of new homes in Singapore have hit an all-time high, according to Knight Frank. The firm's latest Asia-Pacific housing market report shows that transactions of new build properties in the country reached a new record in the year to date in September 2012, with prices continuing to edge up on a quarterly basis.

"With inflation significant and therefore real interest rates negative however, there is a real incentive to put money in property," said Knight Frank. "The low mortgage rates and the status of Singapore as a "safe haven" have helped facilitate this."

Indeed, the news follows reports that total residential sales have hit the highest level in 36 months. 2,621 sales were recorded in September, OPP reports, 84 per cent higher than August and the highest recorded number of transactions since July 2009.

"Total sales volume is expected to hit a new record by end 2012 with about 20,000-22,000 private homes sold," adds Knight Frank.