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Private home prices in Singapore fell slightly in 2016. According to one analyst, it could drop further in 2017. The estimated price drop for this year could reach up to 3.5 percent.
The Straits Times reports private home prices are expected to ease further in 2017 at a gradual pace, despite the signs of a bottoming out.


The price drop could develop interest in the buyers who are looking for attractive deals in housing market. 


The Urban Redevelopment Authority (URA) data shows that in 2016 private home prices fell by 3 percent, and in the fourth quarter of 2016, it fell even further down by 0.4 percent. The price fall is the smallest price fall in the last three years. The price has dropped for 13 consecutive quarters.


“In absence of positive economic news, the prices will continue to decline,” says Eugene Lim, the Key Executive Officer of ERA Realty Network. “Interestingly, the buyers may profit from this price drop because there are attractive deals on the market.” According to Eugene Lim home price could fall by 3-3.5 percent in 2017.


“Due to the current price drop, transaction volume in the private residential segment has increased,” says Mohamed Ismail, Chief Executive Officer of PropNex Realty. “By the end of 2016, we recorded almost 16,000 transactions, which is 13 percent more than in 2015.” 

Some of the upcoming new condo include Clement Canopy, Artra and Grandeur Park Residences.