Global Property Guide reports that home price in Singapore continues to fall in the third quarter every year. In 2016, the Q3 price fell by almost 3 percent.
Against the backdrop of slow economy in Singapore, the real estate market also depicted slow progress in 2016, mostly in the third quarter. The third quarter home prices fell down by 2.89 percent. This falling was a continuation of third quarter falling since couple of years. In 2016, the property market dropped by 2.35 percent in the first quarter and 2.94 in the second quarter. The data was disclosed by Global Property Guide.
According to the report released by the Urban Redevelopment Authority (URA), property developers were able to sell 1,981 new private homes in the third quarter in 2016. The figure was a 12.2 percent drop compared to the sales in the previous quarter, and a 17.8 less sales compared to the sales in the same period in 2015. In 2016, launching of uncompleted private units also went down by just about 34 percent.
The report from the Monetary Authority of Singapore (MAS) states that the growth of the local economy was just 0.6 percent in 2016. The first quarter growth was a 2.1 percent and second quarter gain was 2.0 percent.
In the meantime, housing prices also fell in other Asian markets. In South Korea the real estate market fell by 0.06 percent, in Indonesia it was 0.3 percent, and in Taiwan it was 2.95 percent. The home prices also fell significantly the Philippines, Hong Kong and Mongolia. For example it fell by 5.14 percent in the Philippines, 5.9 percent in Hong Kong 6.66 percent in and Mongolia.
Interestingly there was a tremendous growth in China. China witnessed 24.32 percent price growth. The price also grew in Thailand ‘(1.13 percent) and Japan (6.56 percent).
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