Home prices in Singapore fell by almost three percent year-on-year in Q3 2016, revealed Global Property Guide.
Amidst a slowdown in Singapore’s economy, its residential market remained sluggish during the third quarter of 2016, with home prices down by 2.89 percent year-on-year following annual declines of 2.35 percent and 2.94 percent in the first and second quarters respectively, revealed a report from Global Property Guide.
In Q3 2016, property developers sold 1,981 new private homes, a 12.2 percent drop from the previous quarter, and a 17.8 percent decline from the same period a year before. The number of uncompleted private units launched also plunged by nearly 34 percent on an annual basis, data from the Urban Redevelopment Authority (URA) showed.
At the same time, the local economy grew by just 0.6 percent year-on-year, after posting higher gains of 2.1 percent and 2.0 percent in the first and second quarters respectively, showed figures from the Monetary Authority of Singapore (MAS).
Meanwhile, housing prices fell year-on-year in other Asian markets, including South Korea (0.06 percent), Indonesia (0.3 percent), Taiwan (2.95 percent), the Philippines (5.14 percent), Hong Kong (5.9 percent) and Mongolia (6.66 percent).
On the other hand, China posted the highest global price growth of 24.32 percent, while Thailand and Japan saw gains of 1.13 percent and 6.56 percent respectively.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
