Singapore is one of Asia’s priciest property markets. But for those looking to but down roots on the business friendly island nation, there is good news. Home prices fell in Singapore in the quarter ended June, a decrease that has now extended 15th quarters.
An index tracking private residential prices fell 0.3 percent in the three months ended June 30 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority cited by by Bloomberg. That doesn’t sound like a lot but its a decline in property values that has extended almost four years — the longest consistent decline since the data first became available in 1975.
“We don’t expect a recovery in prices this year — even though we have seen some improvement in market sentiment — as the central bank has indicated it won’t be easing curbs anytime soon,” said Nicholas Mak, head of research at SLP International Property Consultants in Singapore. “We will continue to see a small gradual decline in prices for the rest of the year.”
But even though many believe that Singapore’s housing market has nearly reached the bottom, that doesn’t mean houses are exactly cheap. For instance, Christie’s has roughly 19 listings in the city-state, ranging in price from over $26 million to around $5 million — although many of their listings do not advertise a listing price. [Bloomberg] — Christopher Cameron