Singapore's private home prices fell at their slowest pace since 2013, offering signs that the two-year-long run of successive quarterly declines in one of the world's most expensive property markets might be approaching a floor. The private residential property index fell 0.5 percent in October-December from the previous quarter, according to flash estimates from the Urban Redevelopment Authority published on Monday. Prices dropped 3.7 percent last year, compared with a 4 percent decline in 2014.
Since 2009, the government has introduced several rounds of measures to cool the rising market, including higher stamp duties and tougher mortgage conditions. The measures have pushed down prices of private homes for nine straight quarters, and appear to be flushing out speculators. Serious buyers financially comfortable with the current environment have entered the market, analysts say. "Buyers are realising the fact that the cooling measures will not be relaxed in the short term, so for more serious buyers, they are willing to commit at this price," said Alice Tan, head of Singapore research at consultancy Knight Frank. Prices for private flats in prime neighbourhoods fell 0.4 percent in the fourth quarter, compared with.
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