Singapore’s housing market still struggling

Singapore’s residential property market remains weak, with home prices falling 3.62 percent during the year to Q3 2015, revealed a survey by Global Property Guide.

This is the eighth consecutive quarter of price falls in the city-state. House prices fell 1.06 percent on quarter in Q3.

At the same time, demand and supply continues to slide. According to the Urban Redevelopment Authority (URA), the number of private residential units sold fell 3.7 percent to 5,599 units in the first three quarters of 2015 from a year ago.

The number of uncompleted private units launched also fell around 6.2 percent to 5,723 units over the same period.

Hong Kong has the highest housing price rises in Asia and is the third strongest global housing market, the report noted.

Residential property prices on the island surged 12.64 percent during the year to Q3 2015, up sharply from the 1.76 percent year-on-year increase during the previous year to Q3 2014. Housing prices rose 1.12 percent quarter-on-quarter during the latest quarter.

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