Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market‘s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
More on Singapore Property Prices see Worst Decline in Ten Years
Singapore property sales didn’t really go up in November this year; it merely rebounded up 63% after having fallen 70% just the month before. Such are the types of statistics all of us must be vigilant about. Too many unscrupulous people are more than willing to furnish partial statistics that appear very appealing to would-be buyers.
The prices of building materials are expected to rise by approximately five per cent during the third quarter of 2008 due to record oil prices, rising freight overheads and soaring demand.
Rapidly rising construction costs in Singapore are causing the building industry major issues – especially on those off-plan developments still under construction. Construction costs shot up by 20 to 30% last year, pushed up by higher material cost and strong demand.
More on Singapore Property – Construction cost crisis means delays in public building projects
We thought it was time to take a look at the goings-on in the property world. Who is saying what? Which markets are looking good and which are headed south? What’s happening on other property blogs?
