Luxury residential prices in Singapore fell by 10 percent year-on-year in the third quarter of 2014, the biggest drop among 33 cities tracked by Knight Frank in its Prime Global Cities Index.
In the June to September period this year, prime residential prices in the city-state slid by 4.1 percent, noted the report.
Responding, Alice Tan, Research Head at Knight Frank Singapore said: “The muted sentiment in Singapore’s luxury residential market remains inherent, with falling transaction volumes and buyers are anticipating further price adjustments. Some owners are lowering their asking prices in light of market weakness, while the majority of owners are holding out given the exclusivity of their property assets and their confidence in Singapore’s long-term prospects.
“Transaction volume is likely to be thin in the fourth quarter with the year-end holiday season, with average prices potentially moderating with about three to five percent decline on a quarterly basis,” she added.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
Source: PropertyGuru (6 Nov 2014)