Sales of private homes in Singapore fell in October by 48% compared with previous month, Bloomberg reports. Builders were offering less projects to the market.

Total 487 units were built by construction companies compared with 932 apartments in September.

One of the main reasons is that the builders are just not developing projects as fast as the market needs. Total number of apartments sold in October was 202. In September this number reached 1169.

Weakening property prices can also be blamed for this situation. Index traching residential real estate prices grew by 0,5% in third quarter, while in second quarter the growth was 3,4%.