Singapore home prices remain depressed

Only the top five percent of earners in Singapore or professionals like financial directors, specialist medical practitioners, lawyers and CFOs can afford landed properties in the city-state...

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 to 2,371 units in Q2 from last year.

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