Singapore’s property market is still struggling, said a new report.
Home prices in Singapore fell by 0.49 percent in the fourth quarter of 2015, revealed the latest survey from Global Property Guide.
For the entire year, prices fell by 3.06 percent after dropping by 3.97 percent in 2014, said the report, adding that “Singapore’s housing market continues to struggle amidst a slowing economy”.
However, housing demand seems to be gradually improving. According to data from the Urban Redevelopment Authority (URA), the number of private homes sold increased by 1.7 percent to 7,440 units in 2015.
On the other hand, supply continues to fall, noted Global Property Guide. “The number of uncompleted private units launched fell by about 8.3 percent to 7,056 units in 2015.”
According to the International Monetary Fund (IMF), Singapore’s economy is expected to grow by only 2.9 percent this year from the high of 15.2 percent set in 2010.
Meanwhile, the strongest and weakest housing markets in the survey were Turkey (up 14.32 percent) and Russia (down 15.35 percent), respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
