As people continue to ask will Singapore property prices rise or fall in 2013, something which looks certain was questioned last week: Singapore property prices rose in 2012! According to a report published last week, this is not true and the prices fell indeed! Last Wednesday, The Global Property Guide published a report which claimed that private home prices in Singapore, once adjusted for inflation, have fallen for five consecutive quarters. The Global Property Guide used property price data from the Urban Redevelopment Authority (URA) of Singapore and data for consumer price index (CPI) from Statistics Singapore. The company looks at inflation adjusted private property price index instead of nominal price index which is used to assess the direction of property prices in most reports and news.
Below table is from Property Guru (Home prices fall for five quarters claim is true). Although all quarters registered a nominal increase year-on-year (5th column), the Singapore private residential property prices fell y-o-y in the past 3 quarters, sharpest registered as -3.1% in Q2 2012. And quarter-on-quarter, private property prices have fallen in the last 5 quarters.
Below table is from Property Guru (Home prices fall for five quarters claim is true). Although all quarters registered a nominal increase year-on-year (5th column), the Singapore private residential property prices fell y-o-y in the past 3 quarters, sharpest registered as -3.1% in Q2 2012. And quarter-on-quarter, private property prices have fallen in the last 5 quarters.
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| Singapore private property index (nominal & inflation adjusted) Source - Property Guru |
In Singapore, house prices continued to fall as government market-cooling measures took effect. During the year to Q3 2012, house prices dropped 2.88 percent after falling 3.14 percent in Q2 and 1.36 percent in Q1 2012. House prices fell 0.34 percent during the latest quarter, Singapore 's fifth consecutive quarter-on-quarter house price decline.
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