Singapore private home prices fall 3.7% in 2015
January 06, 2016 - Singapore
Singapore private residential property prices are still falling, but at a lower rate than previously, the latest data from the Urban Redevelopment Authority (URA) reveals.
In 2015, prices fell 3.7% year-on-year, the lowest decline for private home values for more than two years, according to the latest URA market flash estimate for Quarter 4, 2015. In 2014, values fell 4% [...].
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first 10 weeks of the quarter and are updated in around four weeks, when the URA releases the full real estate statistics for Quarter 4, 2015, which captures more data from the stamp duty records and the take-up of new projects.
The Singapore PropNex agency says luxury prices in the CCR fell the least, but wealthy buyers are taking their time to search for their next investment property while also searching for overseas property options.
Chief Executive Officer, Mohamed Ismail, says that with tougher lending conditions in place, it is increasingly difficult for buyers to purchase property at $1.3 million or above.
Resale homes face tough competition from developers who are providing a range of incentives to new-build buyers.
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