Singapore home prices remain depressed

Romesh NavaratnarajahSeptember 20, 2016

landed property-crop

House prices in the city-state fell almost three percent during the year to Q2 2016.

Singapore’s housing market is still weak, with house prices falling 2.94 percent during the year to the second quarter of 2016, revealed a report from Global Property Guide.

But demand is now stronger, with 2,256 new units sold in Q2, up 59 percent from the previous quarter and 6.6 percent higher than a year ago, data from the Urban Redevelopment Authority (URA) shows.

Supply is also increasing, with the number of uncompleted units launched up 13 percent year-on-year to 2,371 units in Q2.

Meanwhile, Hong Kong is the worst performer in Asia, with residential property prices down 10.73 percent during the year to Q2, followed by Mongolia, which saw prices plunge 10.55 percent during the same period, stated the report.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

POST COMMENT

You may also like these articles

Working mum quits job to sell luxury condos, raise kids

Lynn Er quit her demanding job more than seven years ago to become a successful property agent. Property agent Lynn Er is a married mother of two boys who quit the rat race more than seven years ag

Continue ReadingSeptember 16, 2016

Surge in supply may drag down home prices

Close to 25,000 private units are expected to enter the market in the next year, said a report.  Private home prices here are expected to be dragged down by the large upcoming supply of 10,262 uni

Continue ReadingSeptember 19, 2016

BCA proposes list of upgrades to improve lift safety

The BCA has published a list of upgrades to further improve the safety and performance of existing elevators. (Photo: HDB) Singapore's Building and Construction Authority (BCA) has published a list

Continue ReadingSeptember 19, 2016