S'pore home prices fall at slower pace

Private home prices in Singapore fell 0.9 percent in the second quarter of 2015 compared to the 1.0 percent drop in the quarter before, according to more complete statistics released by the Urban Redevelopment Authority (URA) on Friday.

The data shows this is the seventh straight quarter of price decline in the private residential market.

Prices dipped across the island with the suburbs (Outside Central Region) recording the biggest drop of 1.1 percent, the same as in the previous quarter.

Both the city (Core Central Region) and city-fringe areas (Rest of Central Region) registered price falls of 0.6 percent last quarter, compared to declines of 0.4 percent and 1.7 percent respectively in Q1.

Landed property prices decreased 1.1 percent in the period, more than the 0.9 percent decline in the previous quarter.

The government's slew of cooling measures which will stay in place for now have been effective in correcting prices since the peak in Q3 2013.

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

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