Singapore housing market : private home prices fell 4.7% in Q2 2009

In data out on Friday [24 Jul 2009], private home prices fell 4.7% in Q2 2009, compared to Q1. This is the fourth straight quarter of falls, but it is much better than the record 14.1% decline in the first quarter. Homebuyers have been turning up in growing numbers at property launches and analysts said this is due to increasing optimism that the worst may be over for the economy. Market watchers see this as a bottom-up recovery, led by the mass market private condominium sector. Meanwhile, HDB resale prices have bucked the trend of declines, with prices rising 1.4% in Q2.

- With all the buzz about economic recovery and green shoots and all, and the recent rise of the Dow back above 9000 and the local STI back above 2500, why, one might be forgiven for thinking that the good times are here again. A friend tells me that *all* his colleagues are talking about the Singapore property market back at the office. It's a great time for sellers and buyers alike, the former now have a chance to unload and the latter are now in a good mood with all the recovery talk. Looking forward to more froth and action in the Singapore housing market.

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