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Singapore private home prices fall for 7th quarter

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Old 12-08-2015, 11:04 AM
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Default Singapore private home prices fall for 7th quarter

SINGAPORE: Prices of private homes in Singapore dropped for the seventh straight quarter, the longest declining streak in more than a decade, and analysts expect the market to continue to soften for the rest of 2015 as property cooling measures take their toll.

The second-quarter private residential property index fell 0.9% from the previous quarter to 144.2, with prices dropping across all market segments, Urban Redevelopment Authority data showed.

Singapore has introduced several rounds of cooling measures since 2009, including higher stamp duties and tougher mortgage conditions, hurting sales volumes. The measures sent prices of private homes down 4% in 2014, the first year of overall price decline since the global financial crisis.

"There is a fair bit of latent demand just waiting in the wings," said Nicholas Mak, executive director of research and consultancy at SLP International.

He said the government would be wary of relaxing measures ""too much or too fast"" if there was a possibility that it could lead to a sharp rebound in prices.

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