Singapore home prices see 4th quarterly drop, but at slower pace

Source : Channel NewsAsia – 1 July 2009

Private home prices in Singapore have fallen for the fourth straight quarter, though at a slower pace.

Initial estimates from the Urban Redevelopment Authority (URA) showed Wednesday that the cost of private residential properties fell by 5.9 per cent in the second quarter, compared to the record drop of 14.1 per cent in the previous quarter – the steepest fall since 1975.

According to the latest numbers, prices for homes slid across the board, dipping by 6.6 per cent in the central region, 6.3 per cent in the city fringe and 2.6 per cent in suburban areas.

Minor recovery was also seen in the resale prices of public flats.

The Housing and Development Board said preliminary data shows that resale price index rose 1.2 per cent between April and June, to an all-time high of 140 points since records began in 1990.

This comes after a marginal drop of 0.8 per cent in the first quarter.