Online Virtual Home Tours Help Singapore Homes Sales Rebound 75%

Asia’s property markets are starting to recover from the economic shutdowns due to the COVID-19 pandemic. Singapore is a perfect example. April sales numbers were dismal and analysis were predicting an even more depressing May. As the country remained under lockdown and in person viewing of properties was not possible. However, real estate agents quickly turned to technology and started using online property webinars and links to virtual home tours. This quickly re-energized buyers who up until the lock down were extremely interested in purchasing. As a result, according to the Urban Redevelopment Authority data, Singapore home sales rebounded in May, with new unit sales jumping 75% to 486, when compared to April’s 277. Nevertheless, year-over-year sales are ~ 50% lower.