The first decline since the first quarter of 2020.
Private property values slid 0.4% from the previous three months, when they rose 3.3%, according to flash estimates released by the Urban Redevelopment Authority yesterday.Price momentum may finally be easing after a buoyant run that saw the city-state’s red-hot property market defy a global slowdown from London to Shanghai.
To keep a lid on apartment prices, the government doubled stamp duties for foreign buyers in April to 60%, the highest among major markets. It also raised levies for second-home buyers. “We believe the recent moderation in prices was driven by the latest round of property cooling measures in April, and we expect prices to edge up for the rest of the year,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a note yesterday.While prices fell last quarter, transaction volume increased by about 16% from the previous three months, according to URA.
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