Singapore private home sales fell for a second month as demand for new projects dimmed at a time when trade tensions are fueling unease about the economic outlook.

Developers sold 663 units in April, according to figures released by the Urban Redevelopment Authority on Thursday. That’s less than the 729 sold in March, although it’s more than double the 301 recorded a year earlier.

The city-state’s property market, one of the most expensive in the world, is beginning to slow after a blowout start to the year when families and speculators flocked to suburban projects. Risks to growth in Singapore’s trade-dependent economy and weaker project launches have clouded expectations for the market.

One project near a business park in the southwest moved less than a third of its units in April. A nearby residential plot put on sale by the government failed to attract any interest, the first such occurrence in 10 months. Another development near the city center’s waterfront, One Marina Gardens, sold about 40% of its 937 units.

The tepid demand reflects challenges ahead, with more luxury condominiums slated to be released in the city center. Locals have traditionally shunned such projects due to their higher prices and lack of amenities like schools, while foreign demand has been depressed by a sharp hike in the stamp duty in 2023.

The country’s ruling party, fresh off an overwhelming election victory, has made addressing housing affordability a priority, ramping up the release of land for private developments. Private home prices have continued to climb, albeit at a slower pace in the first quarter.