Prices of private condos and apartments in the Core Central Region (CCR) have dropped by up to 10.2 percent from Q4 2011, as buyers became more cautious over the property cooling measures, particularly the additional buyer’s stamp duty (ABSD) introduced in early December last year.
According to data by the Singapore Real Estate Exchange (SRX), the average selling price of private units fell from S$1,781 psf in Q4 to S$1,600 psf.
Rental prices were also affected, with units in the non-central area being the hardest hit. Since Q4, rental rates for units in the Outside the Central Region (OCR) slid 2.3 percent to S$2.92 psf, from S$2.99 psf.
Still, rental rates for CCR homes are maturing, with a 1.3 percent growth from Q4 (S$4.68 psf) to S$4.74 psf.
Property agency heads said this is only the start of a downtrend. However, a price crash is not a possibility, they noted.
Prices of private property are likely to fall from 10 percent to 15 percent this year, according to agencies.
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