The sale of new private homes hit a 16-month high last month, even as cooling measures were introduced on July 6 to rein in what the Government said was euphoria in the property market.
A total of 1,724 homes were snapped up, which is 2.6 times more than the previous month of June and 55 per cent higher than in July last year. Analysts, however, were quick to warn that the sales figure released yesterday is an anomaly.
They were launched late on July 5, a few hours after the surprise measures were announced for implementation the next day. Analysts expect demand to soften in the months ahead as prospective buyers figure out the impact of the cooling measures.
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