Private-home prices sank even faster in October
SINGAPORE'S private-home prices fell at a faster pace last month, dropping 1.2 per cent from September as evidence builds that the Government's efforts to cool the property market are working.
The city-state's residential-property index fell to 159.1 points last month after declining a revised 0.9 per cent in September, according to the National University of Singapore's Singapore Residential Price Index.
The measure tracking private-home prices in the central region decreased 1.4 per cent last month.
Home sales have been falling in the past four months after the Government imposed new rules in June governing how financial institutions grant property loans to individuals.
"The latest statistics are a reflection of the current measures starting to bite the residential market," said Ms Alice Tan, head of consultancy and research at Knight Frank in Singapore. "Price quantum is still the key consideration for many prospective home buyers."
Singapore's home sales fell 19 per cent last month to 1,009 units from September, according to data from the Urban Redevelopment Authority, released on Nov 15. From the previous year, sales dropped 48 per cent, the data showed.
Home prices in the city-state rose at the slowest pace in six quarters in the three months ended Sept 30, according to figures released by the authority on Oct 25.
Prices and transaction volumes of Singapore residential properties are expected to moderate for the rest of the year due to the cumulative impact of government property measures, CapitaLand said on Oct 31.
Developers are beginning to cut prices in existing and new projects, and take lower profit margins, City Developments said on Nov 12.
Home prices have jumped 40 per cent since the city-state started introducing curbs four years ago.