Private home transactions may have held up q-o-q in 4Q2014, but they fell by about 38% compared with 4Q2013, according to DTZ in its March 9 report. For the whole of 2014, private residential transactions amounted to about 12,200 units. Of these, 6,700 units (55%) were primary market sales, and 5,500 units (45%) were secondary market deals. The fall in primary market transactions was more pronounced, declining by 54% y-o-y. Be- sides weakened buying sentiment, the significant slowdown in primary market sales was also the result of a cutback in private home launches.

Singaporean buyers made up 71% of all sales last year, while purchases by Singapore permanent residents increased to 18%. Purchases by foreigners remained relatively unchanged at 9% in 2013 and 2014.

Those from China, Indonesia, India and Malaysia accounted for 78% of all foreign buyers, which was 4.0 percentage points lower than their collective share in the previous quarter. On the other hand, 4Q2014 saw buying activity pick up among other nationalities, from the US, UK and Southeast Asia.

This article appeared in the City & Country of Issue 668 (Mar 16) of The Edge Singapore.