{"id":7362,"date":"2016-10-10T02:50:39","date_gmt":"2016-10-09T18:50:39","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7362"},"modified":"2022-07-01T04:04:11","modified_gmt":"2022-06-30T20:04:11","slug":"luxury-home-prices-decline","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/luxury-home-prices-decline\/","title":{"rendered":"Singapore’s luxury home prices face 12th consecutive decline"},"content":{"rendered":"
<\/div>
\"Luxury
Luxury property prices continue to face slow demand<\/figcaption><\/figure>\n

Luxury home prices in Singapore experienced their greatest fall in seven years in the third\u00a0quarter, having been in a slow decline for 12 consecutive quarters.<\/p>\n

This is the longest streak of quarterly losses in the private home market to date, according to\u00a0preliminary data from the Urban Redevelopment Authority\u2019s (URA) private residential\u00a0property index.<\/p>\n

Flash estimates published by URA revealed a drop of 2.1 points from\u00a0140.0 in the second quarter to 137.9 points. This translates into a 1.5 percent decline between\u00a0July to September from the last quarter, and a 10.8 percent decrease from the previous peak,\u00a0which occurred in the third quarter of 2013.<\/p>\n

The drop comes in the face of dampening factors including a slowing economy and weakened\u00a0buyer sentiment. A report published by Channel NewsAsia<\/a> last month revealed that the\u00a0country\u2019s overall unemployment rate had risen from 1.9 percent in March to 2.1 percent in\u00a0June for Q2.<\/p>\n

Plans to continue market cooling measures \u2013 which have been in place since 2011 \u2013 are also a\u00a0source of downwards pressure in the private property market.<\/p>\n

\u201cIt\u2019s too early to lift the property cooling measures because we want to make sure that the\u00a0gains we have made painstakingly over the last one to two years are entrenched, that we are\u00a0on a sustainable path for the property market,\u201d said Managing Director for the Monetary\u00a0Authority of Singapore (MAS) Ravi Menon in a Today<\/a> report published earlier in July.<\/p>\n

Price curbs such as the Additional Buyer\u2019s Stamp Duty (ABSD) can add as much as 15 percent to purchase prices for Singaporean and foreign purchasers who own more than one\u00a0property.\u00a0The price drop was also partly attributed by market experts to a change in how the URA\u00a0calculates its private-property price indices. The authority announced last month that it would\u00a0exclude incentives and discounts offered by developers of de-licensed private projects for the\u00a0first time when calculating its quarterly price index for Q3.<\/p>\n

Visit Channel NewsAsia<\/a> for the full report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Luxury home prices in Singapore experienced their greatest fall in seven years in the third\u00a0quarter, having been in a slow decline for 12 consecutive quarters. This is the longest streak of quarterly losses in the private home market to date, according to\u00a0preliminary data from the Urban Redevelopment Authority\u2019s (URA) private residential\u00a0property index. Flash estimates published…<\/p>\n","protected":false},"author":17,"featured_media":54468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"\nSingapore's 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