Singapore private property market slowdown deepens in nearly all segments in Q2

Landed property off Farrer Road. The private housing market continued to weaken in the second quarter of this year, with the pace of the slowdown worsening in nearly all regions except the city fringe. -- PHOTO: ST FILE
Landed property off Farrer Road. The private housing market continued to weaken in the second quarter of this year, with the pace of the slowdown worsening in nearly all regions except the city fringe. -- PHOTO: ST FILE

The private housing market continued to weaken in the second quarter of this year, with the pace of the slowdown worsening in nearly all regions except the city fringe.

Overall prices of private homes fell 1.1 per cent in April through June from the three months before, according to Urban Redevelopment Authority flash estimates released on Tuesday.

This was in line with analysts' earlier predictions of a drop between 1 and 2 per cent.

It was also the third consecutive quarter of decline.

Prices fell in all parts of the island, with the city centre taking the biggest hit.

Values there tumbled 1.5 per cent in the second quarter from the preceding three months, a steeper drop than the 1.1 per cent slide in the first quarter.

The suburbs also put in a poor showing, posting a 1.1 per cent drop in April through June. This was far sharper than the 0.1 per cent dip in January through March.

In the city fringe, prices slipped 0.6 per cent in the second quarter following a 3.3 per cent dive in the preceding three months.

Prices of landed properties fell 1.5 per cent, higher than the 0.7 per cent decline in the previous quarter.

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