Singapore’s property prices set to fall by up to 12%

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Private residential property prices in Singapore could fall by as much as 12% in the next three months, industry experts predict.

According to analysts the demand for private homes will decline over the same period as recent government proposals act to disincentivise buyers.

Plans to introduce the Additional Buyers Stamp Duty (ABSTD) has dampened spirits and slowed down Singapore’s housing market activity. This also adds further pressure to buyers looking to upgrade - a group that makes up the largest share of the private property owner market.

The rapid fall in prices and demand could give foreign investors an opportunity to snap up low cost properties.

Speaking to MedisCorp, ECG Property managing director Shawn Tan said: “The additional stamp duties hinder upgraders which form up the majority number of the mass market purchasers. We should be seeing a bit of correction in prices, say 8 per cent to 12 per cent for the next two to three months".

Last month there was a surge in the number of private home sales, yet this is not enough to have a wider impact on Singapore’s housing marketing in the next three months.

The sale figures for luxury accommodation continued to fall, showing a 51% decline in January. Some analysts highlighted that foreign investors could be keen to make a move into the mass market as prices become more attractive.

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Singapore’s property prices set to fall by up to 12%

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