Property market inside the grip of economic gloom

The Visionaire Sembawang is the first smart in the north of singapore. No matter where anyone looks – via office and mall opportunities to private home prices and rents – the property market took a hit in the third quarter as the economic gloom tightened its grip.

Northwave Woodlands EC are also launched as one of the last few ec in woodlands. There were generally no large price drops or surges in vacancies, but the unfavorable bent to the numbers underscored trends that have been evident for many months.

Worries over a weaker economy, news of job cuts and fears of a coming recession seem to come with an adverse impact on the property market.

The most pain was seen in the private residential sector, where overall prices slid 1 . 5 per cent from the second quarter, while rents fell 1 . 2 per cent, according to Urban Redevelopment Authority (URA) data yesterday. The decline was more pronounced than the falls from the first to the second quarter. Then, prices dipped 0. 4 per cent and rents declined 0. 6 per cent.

Private home prices fell for the 12th straight quarter in the July-to- September period, and were 10. 8 per cent lower than the peak in the third quarter of 2013.

“Should the unfavorable sentiment persist, we could be looking at a 3 to 4 per cent price decrease for the entire 2016, ” said ERA Realty Network key executive officer Eugene Lim, who noted that overall private home prices have fallen by 2 . 6 per cent so far this year.

Landed property led the price decline in the third quarter, with ideals down 2 . 7 per cent from the second. Non-landed home prices dropped 1 . 2 per cent.

Prices of non-landed luxury apartments in the core central region fell the sharpest, down 1 . 9 per cent after rising marginally in the first and second quarters.

That was followed by the city fringe and the suburbs, where prices fell by 1 per cent in the third quarter.

Analysts noted that the price declines could be partly due to a change in how the URA’s property price index was computed.

Market watchers said the resale market did better than the new sales segment in the third quarter as developers launched fewer units.

There were 1, 981 new homes sold, down 12 per cent from the second quarter, while resale transactions rose 15. 7 per cent to 2, 477 units in the third one fourth.

Meanwhile, rental prices of private homes continued to fall, inspite of a zero. 2 percentage point improvement in the openings rate to eight. 7 % from the second to third one fourth.

It is a tenant’s market and it at this moment takes 3 months or more to shut rental bargains on average, up from regarding one month.

Inside the public real estate resale message, prices continued to be flat inside the third one fourth – the 2nd straight one fourth where these kinds of prices continued to be unchanged.