SINGAPORE (Jan 3): Singapore home prices fell 3% in 2016, the third straight year of declines as the government held steadfast on property cooling measures.

An index tracking private residential prices fell 0.4% in the three months ended Dec 31 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority released Tuesday. Prices fell for a 13th straight quarter, the longest streak since the data was first published in 1975.

The government has signaled it is reluctant to lift property tightening measures it started implementing seven years ago as it wants to avoid overheating the market again. Singapore doesn’t intend to ease property curbs anytime soon, the central bank’s Managing Director Ravi Menon said in September.

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