Singapore home prices recorded the longest losing streak in 17 years as it declined for a ninth quarter, as tighter mortgage curbs lowered demand in the country.
Based on the initial data from the Urban Redevelopment Authority, an index trailing private residential prices dropped 0.5% in the fourth quarter, taking the annual plunge ot 3.7%.
Developers sold 5,599 new units in the nine months through September, on track for the lowest annual sales since 2008.
In 2009, Singapore unveiled residential property cuts as low interest rates and demand from foreign buyers raised woes the market was overheating.
The material has been provided by InstaForex Company – www.instaforex.com