Singapore home prices fall, extending decline to 14th quarter

SINGAPORE(April 3): Singapore home prices fell in the first three months of the year, extending the drop in property values to a record 14th quarter.

An index tracking private residential prices fell 0.5% in the three months ended March 31 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority released Monday. The three-and-a-half-year decline is the longest since the data was first published in 1975.

The government last month rolled back some property-market curbs for the first time after imposing a series of ever-stricter curbs to arrest home-price growth. The residential curbs have included a cap on debt-repayment costs at 60% of a borrower’s monthly income, and higher stamp duties on home purchases, after low interest rates and demand from foreign buyers raised concern prices had risen too far too fast.

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