THE CHARTIST: CONTINUING DECLINE IN PRIVATE RESIDENTIAL PROPERTY PRICES
Prices of private residential properties have continued their decline, according to a report by ERA Realty Network. There is an estimated 0.4% slide in Q4, bringing the full year price decline in 2016 to 3%. “Amongst the different geographical segments, the Core Central Region outperformed the rest of the market, with prices remaining unchanged in Q4 2016 and an overall 1.3% decrease for 2016. Prices fell 2.8% and 3.1% in the city fringe and suburban areas respectively,” says the report.
Further, it says Singapore is transitioning to a period of slower economic growth, with flash estimates showing a 1.8% growth. “This period of slow economic growth has been a drag on prices, as home buyers become more price sensitive.”