Prices of non-landed residential properties in Singapore fell 3.3 percent between Q1 2014 and Q1 2015, revealed the Knight Frank Global House Price Index.
On a quarterly basis, prices dipped 1.1 percent in Q1 this year from the previous three-month period.
A slew of property cooling measures rolled out by the government over the past few years, in particular the introduction of the Total Debt Servicing Ratio (TDSR) in June 2013, have pushed prices down.
Meanwhile, Hong Kong has topped the latest global rankings with mainstream prices ending the year nearly 19 percent higher in March.
“A lack of supply along with the popularity of smaller apartments due to affordability constraints is behind the acceleration in mainstream prices,” stated the report.
Established in 2006, Knight Frank’s Index monitors the annual price change of 56 countries. It allows investors and developers to compare the performance of mainstream residential markets across the world.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
