Private home sales in Singapore – one of the world's most expensive property markets – fell more than 80 percent on year in December as the government's cooling measures began to take effect.
According to the Urban Redevelopment Authority, only 259 units were sold last month in the Southeast island nation of Singapore, a sharp fall from the 1,410 sold a year earlier, recent data showed.
(Read more: Is Singapore set for an Icelandic-style crash?)
The dramatic decline in sales suggests the government's seven rounds of cooling measures are starting to pay off, as developers invest in fewer major projects and buyers face borrowing restrictions.
(Read more: When will Singapore roll back property curbs?)
