Transaction value of residential en-bloc properties in first 6 months fell by 80%
The residential en-bloc market is on the decline.
Statistics from the Urban Redevelopment Authority show that the total transaction value of residential en-bloc properties for the first half of this year plunged by 80 per cent, compared to the same period last year.
Between January and June this year, the total transaction value of residential en-bloc properties fell to about 250 million dollars, from almost 1.6 billion dollars in the same period last year.
There were also fewer en-bloc property transactions.
In the first half of last year, 28 en-bloc residential properties were successfully transacted.
But this fell to just 8 in the same period this year.
Real estate analysts believe that this is due to the global economic slowdown, and the government cooling measures introduced late last year.
Analysts feel that while the market may pick up in the second half of this year, it is unlikely to top last year's numbers.
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