SINGAPORE: More buyers are returning their condominium units.
from a Singapore property research firm show the number has doubled in
the first half of this year, compared to the same period last year.
Between January and July this year, over 720 units have been returned.
The figure was 488 during the same period last year.
Buyers who return units forfeit 1.25 per cent of the property value.
Analysts cite two main reasons for the spike.
Yong Hock, senior vice-president, PropNex, said: "In the past six
months, some property prices have exceeded S$1,800 per square foot. Some
buyers who purchase on impulse may later regret and pull out. Another
reason could be (that) some buyers are unable to secure a bank loan."
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