This drop, the biggest since the third quarter of 2016 when prices fell 1.5 per cent, was attributed by analysts to weak demand in both the new sales and resale markets, and fewer major new launches during the quarter.
The latest data, from flash estimates released by the Urban Redevelopment Authority on Oct 1, follows a 0.9 per cent rise in private home prices in the second quarter of 2024 and a 1.4 per cent gain in the first quarter.
For the first nine months of 2024, overall prices saw a mere 1.1 per cent rise, compared with a 3.9 per cent gain over the same period in 2023, and an 8.2 per cent jump in the first three quarters of 2022.
The volume of resale and new sale transactions fell nearly 11 per cent to 4,372 units in the third quarter, while the number of private resale units sold dropped 19.1 per cent quarter on quarter.
“This has turned the private housing market into a buyer’s market,” said Mr Nicholas Mak, chief research officer at Mogul.sg.
Diese Geschichte stammt aus der October 02, 2024-Ausgabe von The Straits Times.
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