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Singapore private home prices dip in Q4
By Chen Shiyin |
January 3, 2009, Saturday
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SINGAPORE'S fourth-quarter private home prices declined 5.7 percent, the steepest drop in a decade, as the global financial crisis and an economic recession deterred buyers.
The price index of private residential property fell to 163.4 points in the three months ended December 31, from 173.30 in the previous quarter, the Urban Redevelopment Authority said in a statement on its Website yesterday. That's the largest drop since the three months ended December 31, 1998, according to data tracked by Bloomberg News. The data is based on deals in the first 10 weeks of the quarter, URA said. It will provide an update in four weeks.
Home prices have retreated for two straight quarters, ending a four-year rally. The island-state said yesterday its economy may shrink by as much as 2 percent this year, the first contraction since 2001, amid a worsening global recession and as writedowns and credit losses in the financial crisis topped US$1 trillion.
"With all the bad news coming out on Wall Street, those who want to sell would need to do so at a fairly distressed price and buyers would only be willing to purchase at a fairly attractive price," said Ong Choon Fah, Singapore-based regional head of research at DTZ, a property consulting firm. "That's why the number of transactions dropped during the fourth quarter and we certainly expect the first quarter to remain slow."
Prices for apartments in the core central area fell 6.3 percent in the three months ended December 31 and slipped 5.5 percent elsewhere in central Singapore, the URA said. They fell 4.7 percent across other parts of the island, the report showed.
The price index of private residential property fell to 163.4 points in the three months ended December 31, from 173.30 in the previous quarter, the Urban Redevelopment Authority said in a statement on its Website yesterday. That's the largest drop since the three months ended December 31, 1998, according to data tracked by Bloomberg News. The data is based on deals in the first 10 weeks of the quarter, URA said. It will provide an update in four weeks.
Home prices have retreated for two straight quarters, ending a four-year rally. The island-state said yesterday its economy may shrink by as much as 2 percent this year, the first contraction since 2001, amid a worsening global recession and as writedowns and credit losses in the financial crisis topped US$1 trillion.
"With all the bad news coming out on Wall Street, those who want to sell would need to do so at a fairly distressed price and buyers would only be willing to purchase at a fairly attractive price," said Ong Choon Fah, Singapore-based regional head of research at DTZ, a property consulting firm. "That's why the number of transactions dropped during the fourth quarter and we certainly expect the first quarter to remain slow."
Prices for apartments in the core central area fell 6.3 percent in the three months ended December 31 and slipped 5.5 percent elsewhere in central Singapore, the URA said. They fell 4.7 percent across other parts of the island, the report showed.
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