Singapore first-quarter home prices fall most since 2016, luxury hardest hit
They also unveiled stricter guidelines on the maximum number of units in new blocks of private flats and condominiums to tackle the development of so-called "shoebox units".
Singapore`s private residential prices fell the most in two-and-a-half years in the first quarter, with values of high-end homes have the biggest decline in a decade, following last year`s surprise tightening of property market curbs. The private residential property index dropped 0.6 percent from 2018`s last quarter, preliminary data from the Urban Redevelopment Authority showed on Monday. It was a second consecutive fall after a 0.1 decrease in October-December.
Monday`s data showed that prices in Singapore`s prime districts fell 2.9 percent - the biggest fall since the second quarter of 2009, according to consultancy Cushman and Wakefield. Prime districts include luxury homes in the Orchard Road shopping area and Sentosa, an island resort.
"Multiple dosage of cooling measures coupled with stronger headwinds in the macroeconomic condition has started to weigh down buying demand," said Christine Li, Singapore head of research for the consultancy. Li forecast overall prices to be flat this year.
To counter what they said was "excessive exuberance" in the city-state`s property market after a spike in prices last year, authorities in July slapped higher stamp duties on property purchases for individual home buyers and tightened housing loan limits.
They also unveiled stricter guidelines on the maximum number of units in new blocks of private flats and condominiums to tackle the development of so-called "shoebox units".
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
12:11 PM IST