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Singapore’s home prices down 13.8%

Posted on: April 2, 2009


Bernama – Thursday, April 2

SINGAPORE, April 1 (Bernama) — The prices of private residential property in Singapore fell 13.8 percent in the first quarter of this year compared to the last quarter in 2008, according to the city-state’s preliminary housing estimates.

Singapore’s Urban Redevelopment Authority (URA) said today private home prices fell from 162.8 points in the fourth quarter 2008 to 140.3 points in the first three months of this year.

The decline in the price index of private residential property for the previous quarter was 6.1 percent.

URA also said that the prices of non-landed private residential property in the heart of the city decreased by 15.2 percent in the first quarter of 2009, while within the central district area the price drop was more at 17.2 percent, and in outer parts of the city the decline was 7.5 percent.

In comparison, for fourth quarter 2008, prices of non-landed private residential properties decreased by 6.5 percent in the city, 6.2 percent in the central district area and 5.9 percent in the outer city area.

The estimates were compiled based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, supplemented by information on the number of new units sold, URA said. — BERNAMA

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1 Response to "Singapore’s home prices down 13.8%"

I do not believe Singapore’s housing price fall could have been caused by Ben Bernakhe’s policies. Rather, Singapore seems to be part of a global shift in attitudes towards credit and debt.

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