Prices of non-landed private residential properties in Singapore fell 4.3 percent in the third quarter of 2015 from a year ago, according to the latest Knight Frank Global House Price Index.
Of the 55 housing markets tracked by the index, Singapore was ranked 52nd.
Turkey leads the rankings, with prices up 18.9 percent from last year. Meanwhile, Ukraine has the worst-performing housing market, with prices plunging 14.8 percent year-on-year.
Globally, house prices increased 2.7 percent in the year to September 2015.
Knight Frank noted that the focus now is on when, and how quickly, the Federal Reserve raises the US interest rate. “If analysts’ estimate of December is right, it will be the first time the US has embarked on a policy of monetary tightening since 2004,” said the consultancy.
Kate Everett-Allen, Partner, International Residential Research at Knight Frank, added: “A US rate rise will have repercussions not just for the US housing market, but for those currencies pegged to the US dollar as well as emerging markets globally.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
