Singapore Quarterly Home Price Has First Drop in Two Years (1)

Singapore’s fourth-quarter home prices slid for the first time in almost two years, trimming annual gains to the smallest since 2008 as mortgage curbs cooled prices in the Southeast Asian city.

The private residential property price index fell 0.9 percent in the three months ended December, more than the 0.8 percent drop based on preliminary data announced on Jan. 2. The decline in suburban housing values was 1 percent, more than the 0.6 percent slide in the earlier report, according to a government statement today.

“The data means that in the last three weeks of December, the price decline accelerated in the suburban market,” said Nicholas Mak, executive director and head of research at property consultants SLP in Singapore. “We have to wait for another quarter to see if suburban prices continue to weaken, and if they do, it will set the tone for 2014.”

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