S’pore home prices down 3% from last year

Singapore’s condo market continues to stumble. Prices of non-landed private homes in Singapore fell by 3.1 percent in the first three months of 2016 compared to Q1 2015, revealed Knight Frank’s latest Global House Price Index.
The index, which compares the performance of 55 housing markets, ranked the city-state in 51st place, among the worst-performing countries.
“A combination of sluggish economic growth, regulatory measures and new supply are restraining price growth,” said Knight Frank.
Globally, the index grew by 3.4 percent on average in the 12 months to March 2016.
Turkey, which leads the rankings for the fourth consecutive quarter, has seen its rate of annual growth decline from 18 percent quarter-on-quarter to 15 percent, due to security concerns, Russian sanctions and mounting pressures on the lira curtailing investment, said Knight Frank.
Meanwhile, Ukraine remains the world’s weakest performing market, with prices in Q1 plunging by 10.5 percent from a year ago.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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