The private residential property index dropped 0.6% from 2018's last quarter, preliminary data from the Urban Redevelopment Authority showed on Monday.
Singapore’s
private residential prices fell the most in two-and-a-half years in
the first quarter, with values of high-end homes have the biggest
decline in a decade, following last year’s surprise tightening of
property market curbs.
The
private residential property index dropped 0.6 per cent from 2018’s
last quarter, preliminary data from the Urban Redevelopment Authority
showed on Monday.
It
was a second consecutive fall after a 0.1 decrease in
October-December.
Monday’s
data showed that prices in Singapore’s prime districts fell 2.9 per
cent - the biggest fall since the second quarter of 2009, according
to consultancy Cushman and Wakefield. Prime districts include luxury
homes in the Orchard Road shopping area and Sentosa, an island
resort.
“Multiple
dosage of cooling measures coupled with stronger headwinds in the
macroeconomic condition has started to weigh down buying demand,”
said Christine Li, Singapore head of research for the consultancy.
Li
forecast overall prices to be flat this year.
To
counter what they said was “excessive exuberance” in the
city-state’s property market after a spike in prices last year,
authorities in July slapped higher stamp duties on property purchases
for individual home buyers and tightened housing loan limits.
Business Standard
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