Dismal numbers for Singapore’s residential sector
Dismal numbers for Singapore’s residential sector
Recession fears are impacting the market
Figures for Singapore’s property market in Q3 look increasingly miserable across the board, but nowhere more so than in the private residential sector, the Straits Times reports.
Private home prices dropped for the 12th quarter in a row in Q3, and were 10.8 percent less than the spike in the third quarter 2013.
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“Worries over a weaker economy, news of job cuts and fears of a coming recession seem to have an adverse impact on the property market,” Mr Nicholas Mak, executive director of SLP International Property Consultants told the Times.
Residential prices fell 1.5 percent from Q2, while rents slid 1.2 percent, according to data from Urban Redevelopment Authority released last week. This drop is more pronounced than in Q1 and Q2.
Values and rents of offices and malls fell at a slower pace in the period from June to September, but vacancies climbed to their highest levels in recent years.
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Source: Property Report