Friday, January 23, 2009

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Singapore private property prices fell 6.1% & rents fell 5.3% in Q4 2008 :

Singapore private home prices fell 6.1 per cent in the fourth quarter as the city-state plunged into its worst ever recession, government data showed on Friday.

URA data also shows that rents in the fourth quarter slipped 5.3 per cent.

The drop marked the second quarterly decline in residential property prices following a 2.4 per cent fall in July-September.

The decline in prices during the fourth quarter was also steeper than the initial estimate of a 5.7 per cent drop made earlier this month.

Rents during the October-December period fell by 5.3 per cent, the Urban Redevelopment Authority (URA) said.

Singapore releases advance estimates on property prices shortly after the end of each quarter based primarily on transactions during the first 10 weeks of the period.

The government subsequently provides detailed data for the period that includes price changes by region as well as rental trends.

Singapore's gross domestic product shrank in the fourth quarter at a deeper-than-expected seasonally adjusted rate of 16.9 per cent, the biggest fall on record, and the government said the economy may contract as much as 5 per cent this year.

May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart


danny said...

Singapore May See 200,000 Foreigners Leave, Credit Suisse Says

10,000 homes on DPS

Remember in Feb 2008
SINGAPORE (Thomson Financial) - The Singapore property market may remain sluggish in the first half of this year because of financial market turbulence, but may pick up momentum in the second half, Simon Cheong, president of the Real Estate Developers Association of Singapore (REDAS), said Thursday.

Looks like the "experts" are dead wrong. Let's see how things will play out this year. Previously I have speculated that HDB prices will drop in 2nd half of 2009, taking a page from the gahmen, I will revise my forecast to say in 1st half of 2009 prices will drop. In fact, I'll be so bold as to say in Q1 2009, the flash estimates will show a dip. We'll see come April.


Happy New Year to you too.

Nazril said...

I think the private residential prices will continue to fall between 5-10% for the year 2009. It will be good to rent a property before buying one at this point of time. Spending 30k on rental for the next 12months is so worth the wait for potential savings of another 30k when buying end year. So isn't it will the the Property Sale worth waiting for!

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