House prices in Singapore fell 4.3 percent year-on-year in the third quarter, making it the largest drop across several Asia Pacific markets, according to JLL and reported in the media.
The drop in prices came as extra stamp duties and tighter bank lending rules continue to weigh on market sentiments.
JLL expects house prices in Singapore to continue to correct over the next quarters, with a decline of -2 percent to -6 percent in the quarters leading up to end-2015.
In other markets, Manila registered the largest year-on-year increase in house prices at 12.7 percent, while Shanghai came in second with an 8.9 percent increase in prices.
“Modest price growth is expected in Beijing and Shanghai as sales volumes may improve in the next 12 months after the loosening of mortgage lending policy,” said the report.
“In emerging SEA, most markets should see moderate price growth supported by persisting buyer interest. However, capital value growth in Kuala Lumpur is likely to be driven by the introduction of higher priced units.”
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Source: PropertyGuru (21 Nov 2014)