According to Singapore’s Urban Redevelopment Authority, there were 2,767 residential units sold in July this year, the highest monthly sales volume since records began in 2007 and this followed another record month in June when 1,825 units were sold.

This means that property sales rose by +51.6% from June to July and it also represents a year-on-year increase of +206.8% in sales volumes. Analysts said that the astonishing improvement in the country’s property market is due to developers not being greedy and property investors recognising that the middle and luxury markets are competitively prices.

Over 54% of property transactions in July were outside the country’s central region, indicating that the property improvement is countrywide. And high end developments are proving popular. Property consultants CB Richard Ellis is now forecasting record sales for the year. It expects new property sales to exceed the market peak of 14,811 sold in 2007