Singapore home prices fell for the first time in three years in the second quarter, adding to signs that the property boom is starting to moderate.
Private property values slid 0.2% from the previous three months, when they rose 3.3%, final Urban Redevelopment Authority figures showed Friday. That compares with a preliminary estimate of a 0.4% drop, and confirms the first decline since the start of 2020.
Price momentum is finally easing after a buoyant run that saw Singapore’s red-hot property market defy a global slowdown from Paris to Shanghai. To keep a lid on apartment values, 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.
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