A few hundreds units short of 18,000, the number of home sales in Singapore last year was greater than all record-breaking figures achieved prior to 2007 before the market went south. By and large, interest rate below 1% helps stimulate and sustain the activity in the housing sector.
The Economist reports:
For an island nation roughly the size of San Francisco, "[t]he boom has also been pushed along by rich foreign buyers. About 16% of private units are now bought by outsiders. Singapore has always been a popular place for wealthy Indonesians and Malaysians to park their money, but the big difference now is the influx of Indians and, more importantly, Chinese."