Singapore’s Q3 private home prices down 2.4% on-quarter

Prices of private residential properties in Singapore dropped 2.4 per cent in the third quarter of this year from the second quarter, snapping four years of growth.

The figure fell short of an initial estimate of a 1.8 per cent decline, on the back of an economic downturn.

Costs of high-end properties in prime districts continue to trend down, dipping 2.7 per cent, while prices in mid-tier and mass market segments fell by between 1.5 and 2.4 per cent.

Releasing the data, Singapore’s Urban Redevelopment Authority said on Friday it was also cheaper to rent private homes, with rates falling 0.9 per cent compared to a 2.5 per cent increase in the last quarter.

Property analysts said recessionary pressure has affected consumer confidence.

They said they expect more price corrections going forward, partly offsetting the large increase in prices in the past year.

Source : Channel NewsAsia – 24 Oct 2008

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