Singapore’s bid to tame the red-hot property market is showing signs of cooling.
Private home prices fell in the fourth quarter of 2013 from the previous three months, its first decline in nearly two years.
Preliminary data by the Urban Redevelopment Authority showed the private residential property price index fell 0.8 per cent in the October-December period to 214.5 points.
This ended six straight quarters of price growth, including a 0.4 per cent increase in the third quarter and a 1.0 per cent rise in the April-June quarter.
Prices last fell in the first quarter of 2012.
For the whole of 2013, private home prices increased by 1.2 per cent, slower than the 2.8-per cent rise in 2012.
Estimates are based on transaction prices compiled in the first 10 weeks of the quarter.
Source : Channel NewsAsia – 2 Jan 2014