Singapore Home Prices Fell for the First Time in Three Years

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Singapore Home Prices Fell for the First Time in Three Years

Bloomberg2023-07-28

Final government figures confirm first drop since early 2020Tax hikes, high interest rates contributed to slowdownSingapore home prices fell for the first time in three years in the second quarter, ...

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aMaT_tRaDeR
·2023-07-28
You must be joking? How much is per sq foot now? Compared just 3 yrs back
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That compares with a preliminary estimate of a 0.4% drop, and confirms the first decline since the start of 2020.Price momentum is finally easing after a buoyant run that saw Singapore’s red-hot property market defy a global slowdown from Paris to Shanghai. To keep a lid on apartment values, the government doubled stamp duties for foreign buyers in April to 60% — the highest among major markets. It also raised levies for second-home buyers.The tax hikes and elevated interest rates “may have reined in price growth as homebuyers purchasing for investment become price resistant and adopt a wait-and-see attitude,” said Leonard Tay, head of research at Knight Frank Singapore. 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