Singapore home prices fell for a second straight quarter, with values of luxury dwellings falling the most in almost a decade as property curbs imposed mid-last year took some heat out of the market.

Private residential prices declined 0.6% in the three months ended March 31 from the previous quarter, when they fell 0.1%, the Urban Redevelopment Authority said Monday.

Luxury home prices, or residences located in the prime areas, dropped 2.9%, the most since the quarter ended June 2009. Prime districts include luxury homes in the Orchard Road shopping area and Sentosa, an island resort.

Singaporean authorities have kept a tight leash on the property market since the early part of the decade in a bid to avoid runaway price growth like in Hong Kong, which holds the unenviable title of the world’s least-affordable housing market.

The government in July imposed higher stamp duties and tougher loan-to-value rules to choke off a sudden bout of exuberance. It has since cracked down on “shoe-box” apartments, limiting transactions at the cheaper end of the market, while anti-money laundering rules have imposed an additional administrative burden on developers.

Via Bloomberg