Singapore property market : Home prices fall 13.8% in Q1 2009

This article belongs to the Singapore property market story arc.

channelnewsasia.com :

Prices for Singapore private property and public housing fell steeply in Q1 2009. In the HDB resale market, the first drop since 2006 was seen. HDB's flash estimate, based on its Resale Price Index, showed a decline of 0.6% in the first quarter compared to the previous quarter which had registered a 1.4% increase. The biggest drop on record though is 4.8% in Q2 2005, after HDB imposed curbs on cash-back practices, a scam where buyers inflated home loans to get extra cash.

As for private residential property, flash estimates from URA showed prices were down 13.8% in the three months to March, more than twice as steep as the 6.1% decline in Q4 2008. Prices in the "rest of central region" fell the steepest, at more than 17%. Going forward, analysts expect developers to use competitive pricing, or marketing strategies such as rental or price guarantees to move sales.

- This is kind of anecdotal, but a friend of mine had recently told me that when he sold off his property and was doing the paperwork, it was casually mentioned to him that landed property units of similar size had fallen by about 25% by now. I've got to say that was one hell of a call to make.

Looking forward, the hope is that the Singapore property market will recover gradually, stabilize, or at least not drop as much as before, depending on whom you talk to. A lot depends on the economy, or let's say everything depends on the economy, and if you were to talk to me, I would tell you that you haven't seen anything yet.

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