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.
The private residential property index fell 1.3 points from 209.4 points in Q2 2014 to 208.1 points in Q3 2014, according to URA flash estimates released today.
This represents a decline of 0.6 percent, compared to the one percent decline in the previous quarter. This is the fourth continuous quarter of price decrease.
The Core Central Region (CCR) was the hardest hit as prices fell 0.9 percent, while prices in Outside Central Region (OCR) fell 0.2 percent. In Rest of Central Region (RCR), prices fell 0.1 percent, compared to the 0.4% decline in the previous quarter.
Desmond Sim, Head of CBRE Research in Singapore said, “The price index has fallen for the last four consecutive quarters at a total magnitude of 3.8% since a year ago in Q3 2013.”
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by survey data on new units sold by developers in the quarter.
Sim said it probably did not include the units sold from Highline Residences and Seventy Saint Patrick’s.
“By the time these units are added in the computation, it is probable that the q-o-q fall in the URA price index for Q3 2014 might be less than 0.6%, in line with market expectations since the new projects launched in Q3 were mostly located in the Central Region,” he added.