Private property prices down 3.2% from year ago

Prices of non-landed private homes in Singapore fell 3.2 percent in the second quarter of 2015 from the same period last year, according to the latest Knight Frank Global House Price Index.

The report tracked 56 countries and ranked them according to the annual percentage change in home prices. Singapore placed 49th on the list.

Since 2009, the government has introduced several rounds of property cooling measures to slow down the pace of sales and push prices down.

Like Singapore, Hong Kong also introduced measures to cool its red-hot property market, but mainstream prices have shot up 20.7 percent year-on-year, the highest globally.

“Increasing liquidity and the continual flow of wealthy mainland Chinese investors into Hong Kong’s residential sector meant the number of new homes sold in the first half of 2015 exceeded 8,700,” said Knight Frank.

Globally, the Index rose marginally by 0.1 percent in the year to June 2015, its weakest rate of growth since Q4 2011.

“Of the 56 housing markets tracked, 27 percent recorded an annual decline in prices, but back in 2011, 44 percent of housing markets fell into this bracket,” added the report.

Annual price change

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