Report Still Show Weakness in Singapore Housing Market

Home prices in Singapore fell by almost three percent year-on-year in Q3 2016, shown Global Property Guide.

Amidst a slow down in Singapore’s economy, its residential market remained poor during the 3rd quarter of 2016, with house prices down by 2.89 percent year-on-year following annual fall of 2.35 percent and 2.94 percent in the first and second quarters respectively, shown a report from Global Property Guide.

The number of uncompleted private units established also dropped by nearly 34 percent yearly, data from the Urban Redevelopment Authority (URA) demonstrated. And with the new executive condo launching by QingJian, Inz Residence EC the price might be stablize since it is going to be a good project by reputable developer.

At the exact same time, the neighborhood economy grew by just 0.6 percent year-on-year, after posting higher increases of 2.1 percent and 2.0 percent in the first and second quarters respectively, revealed figures from the Monetary Authority of Singapore (MAS).

Meanwhile, housing prices fell year-on-year in other Asian markets, including South Korea (0.06 percent), Indonesia (0.3 percent), Taiwan (2.95 percent), the Philippines (5.14 percent), Hong Kong (5.9 percent) and Mongolia (6.66 percent).

On the other hand, China posted the highest international price increase of 24.32 percent, while Thailand and Japan found increases of 1.13 percent and 6.56 percent respectively.

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