Massive increases in residential property sales have been reported by Seeff Properties.

'Residential sales alone for the period July to October 2009 were a marked 54,3% up on the same period last year,' the company said in a statement on Wednesday.

'The number of units sold by the agency last month was 133% higher than the number of units sold during October 2008.'

Chairperson Samuel Seeff ascribed the jump in sales to a number of factors. 'Without a doubt, the low interest rates that have kicked in have made housing more affordable,' he said. 'Coupled with that, banks are now starting to decrease their loan to value criteria and the pent-up demand.'

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