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SG Luxury home prices slide 4.3%

Property Here - Tuesday, May 14, 2013

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By Romesh Navaratnarajah:

With the introduction of recent property curbs, prices of luxury homes in Singapore are expected to fall by up to five percent for the rest of the year, according to Jones Lang LaSalle.

Prices in the first quarter fell by 0.6 percent quarter-on-quarter, and 4.3 percent year-on-year. 

“The Singapore high-end residential market continues to face price corrections especially with the 7th round of cooling measures introduced by the government in January this year. Policy affect coupled with slower population and economic growth are likely to continue to add downside pressure to capital values albeit moderately,” said Chua Yang Liang, Research Head for Singapore and South East Asia at Jones Lang LaSalle.

“Growth in prices of mass market homes (was) significantly slower while new sales volume has also dropped as recent data released by the Urban Redevelopment Authority has shown. This also has effectively narrowed the price gap between high and mass market homes which is likely to lend price support to the high end segment in the midterm.”



Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg