Prices of private properties in Singapore fell by 4.79 percent during the first nine months of 2014, compared to an annual increase of 2.1 percent in the same period last year, revealed a report from Global Property Guide.
On a quarterly basis, prices of private units dipped by 0.38 percent in Q3 from the previous three months.
At the same time, residential demand in the city-state is dropping. The report stated that sales of housing units plunged 38.6 percent to 1,465 units in the third quarter from last year, according to data from the Urban Redevelopment Authority (URA).
Singapore’s economy is also slowing, with forecasts of 2.96 percent growth this year, down from 3.9 percent in 2013, according to the International Monetary Fund (IMF).
Of the 10 Asian markets tracked in the report, only Singapore and China saw house prices decline during the year.
Image source: Tokyodcs; Wikimedia Commons
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
