Asia’s residential markets are now feeling the effects of the global economic slowdown, according to research done by Global Property Guide.
In a statement, the consumer portal noted that Singapore’s housing prices dipped 3.28 percent year-on-year in Q2 2012 and by 0.77 percent during the latest quarter, after a 5.27 percent increase over the same period in 2011.
“The turnaround was due to government housing market curbs, exacerbated by the worldwide economic downturn,” it noted.
Meanwhile, Thailand saw its residential price index for single-detached homes including land drop by 3.59 percent in Q2, while Shanghai’s second-hand housing price index declined by 3.44 percent year-on-year during the same period.
In contrast to a 0.18 percent increase in Q1 2012, home prices in Tokyo fell 2.18 percent year-on-year in Q2.
At the same time, Indonesia’s residential property price index dropped 0.78 percent year-on-year in Q2, while Taiwan’s home prices dipped 0.74 percent year-on-year during the period from an 11.87 percent rise last year.
On the other hand, Hong Kong witnessed a 3.01 percent year-on-year uptick in housing prices in Q2, but this was a sharp decline from the 20.64 percent annual increase the previous year.
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