News & Articles S’pore home prices on longest losing streak since 2002
S’pore home prices on longest losing streak since 2002
1 Jul 2015
Singapore’s home prices dropped for a seventh consecutive quarter, the longest losing streak in 13 years, as tighter mortgage curbs cooled demand in Asia’s second- most expensive housing market.
An index tracking private residential prices fell 0.9% in the three months ended June 30, the longest stretch of declines since June 2002, according to preliminary data from the Urban Redevelopment Authority on Wednesday. The last time prices fell for this long was eight consecutive quarters from September 2000, the data showed.
The government began introducing residential property curbs in 2009 as low interest rates and demand from foreign buyers raised concerns that the market was overheating. They have included a cap on debt repayment costs at 60% of a borrower’s monthly income, higher stamp duties on home purchases and an increase in real estate taxes.
Apartment prices fell 0.5% in prime districts in the second quarter, the data showed. Those in the suburbs dropped 1.2%. Prices in areas near prime districts slipped 0.5%.
Residential prices fell 4% in 2014, the first year- on-year decline since 2008, as the government’s five-year campaign to rein in property values curbed demand.
Home sales dropped 57% to 638 units in May from a year earlier as developers offered fewer projects, according to previously released URA data.
— by Pooja Thakur
An index tracking private residential prices fell 0.9% in the three months ended June 30, the longest stretch of declines since June 2002, according to preliminary data from the Urban Redevelopment Authority on Wednesday. The last time prices fell for this long was eight consecutive quarters from September 2000, the data showed.
The government began introducing residential property curbs in 2009 as low interest rates and demand from foreign buyers raised concerns that the market was overheating. They have included a cap on debt repayment costs at 60% of a borrower’s monthly income, higher stamp duties on home purchases and an increase in real estate taxes.
Apartment prices fell 0.5% in prime districts in the second quarter, the data showed. Those in the suburbs dropped 1.2%. Prices in areas near prime districts slipped 0.5%.
Residential prices fell 4% in 2014, the first year- on-year decline since 2008, as the government’s five-year campaign to rein in property values curbed demand.
Home sales dropped 57% to 638 units in May from a year earlier as developers offered fewer projects, according to previously released URA data.
— by Pooja Thakur
Source: Kinibiz