Property prices in Singapore could drop five to ten per cent this year forecast some analysts in the city, reports Channel NewsAsia. Others say interest remain string and there could even be more cooling measures on the way.
The president of the Real Estate Developers’ Association of Singapore (REDAS), Wong Heang Fine, said they were cautious going forward and that everything depended on how the global economy will fare in the coming months.
Recent URA data showed prices moderating for the ninth consecutive quarter with rental prices also declining.
However, recent launches have seen strong interest, indicating that demand is still there and tentative reports on January sales were also positive. REDAS warned however that the healthy figures do not indicate how the rest of the market will perform this year.
“I think January figures, you must look at it more in perspective. Actually January figures are generated by the new launches of two or three projects. So the numbers itself does not really reflect the entire state of the market,” he said.
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