Four signs Singaporeans' passion for property is cooling

1. Monthly transaction volumes have fallen to less than half the numbers seen in the past two years. Subsale and resale activity has been subdued, while new sales, which had held up when subsales and resales declined previously, have also begun falling.

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2. Prices in the private housing market have declined for four straight quarters, by 3.9 per cent in total, since the fourth quarter of last year. However, prices had surged 62 per cent between the second quarter of 2009 and the third quarter of 2013.

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3. The pool of outstanding housing loans has been growing at a much slower pace. In August 2010, for example, outstanding loans grew 23 per cent from the same month a year before. But in September this year, the pool expanded by just 6 per cent from a year ago.

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4. Even overseas property seem to be losing their shine for Singaporean investors. The value of overseas property purchases transacted in Singapore fell to $1.1 billion in the first half of this year, from about $1.6 billion in the same period last year.

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