Singapore Property Market Falls Significantly

Residential property prices in Singapore are continuing to fall according to the latest figures. In the first three months of 2009, property prices in Singapore have fallen by an average of 13.8%, a trend which began last year and one which appears to be intensifying. The last three months of 2008 saw Singapore real estate prices drop by 6.1 percent.

Experts are pointing the figure firmly at the global economy thanks poor macro-economic conditions, perceived poor job prospects and people tightening their belts worldwide. Developers have begun to slash the prices on new builds and this has helped fuel weaker market sentiment which has in turn pushed down the prices of non-new build property.

The worst hit properties were in the central regions with the core reducing by 15.2% and the outer central regions declining by 17.2 percent. The areas outside of the core part of Singapore have dropped by just 7.5% on average.

It is expected that the property market in Singapore will continue to fall throughout 2009 although there is little consensus from property experts on how far they expect the property market to fall in this time.

Although few foreign property investors are currently planning or looking to buy in Singapore, with falling property prices it is almost certain that overseas property investors will start to show an interest in real estate in the country towards the end of the year in the hope of picking up some real estate bargains.

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  1. From Funds Managers No Longer Keen on Singapore Property – Japan is now First Choice | Property Warehouse Online | Jul 14, 2009

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