Private home prices keep falling

Prices of private residential properties fell by 0.5 percent in the last three months of 2015, compared to the 1.3 percent decline in the previous quarter. For the year, prices fell by 3.7 percent, compared with the 4.0 percent decline in 2014, revealed latest figures from the Urban Redevelopment Authority (URA).

For the whole of 2015, prices of non-landed properties in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) fell by 2.5 percent, 4.3 percent and 3.7 percent respectively. Prices of landed properties declined by 4.1 percent.

The URA added that rentals of private residential properties fell by 4.6 percent for the whole of 2015. During the period, rentals of non-landed properties in the CCR, RCR and OCR declined by 3.8 percent, 4.9 percent and 5.6 percent respectively. Rentals of landed properties fell by 4.5 percent.


S’pore rental prices fall 4.3% from last year

Rental prices of private residential properties in Singapore fell 4.3 percent in the third quarter of 2015 from the same period last year, according to the Knight Frank Global House Price Index.

The city-state was among the world’s weakest performing rental markets, ranking 52nd out of 55 housing markets tracked by the index.

The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis.

Turkey leads the rankings with prices up 18.9 percent year-on-year. Strong levels of foreign investment, an expanding population and a slowdown in construction contributed to the upward pressure on prices, noted Knight Frank.

Aside from Turkey, four other countries recorded double-digit annual price growth; Hong Kong, Sweden, New Zealand and Luxembourg.

Meanwhile, the recent US interest rate hike is likely to have repercussions for those currencies pegged to the US dollar, with some emerging markets expected to slip down the house price rankings in 2016, added the property consultancy.