According to official data, private real estate sales in Singapore have reached their highest levels since July, following the announcement of several new residential projects, Invest-Gate reports.

The Urban Development Authority of Singapore reported a nearly fourfold increase in sales of new residential units, with 784 units sold in November compared to 203 units in the previous month.

Shares of real estate development companies in Singapore also saw a surge, reaching their highest levels in two months, according to Bloomberg News.

The recovery of the real estate sector in Singapore was expected due to strong demand for purchases in recently announced residential projects. For example, one residential project in western Singapore sold 88% of its units during the first weekend of its launch.

Despite rising interest rates and challenges facing the sector, domestic demand continues to support Singapore’s housing market. The country’s property prices are among the highest in the world.

However, there are indications of a slowdown in foreign purchases due to the doubling of real estate taxes for foreigners in April, which now stands at 60%. Foreign buyers accounted for about 4% of total private real estate market activities in Singapore last year, according to central bank data.