SIngapore Property Prices Drop 2% from year ago

singapore-home
According to Knight Frank:

Singapore home prices continue to drop.

House prices in Singapore dropped two percent year-on-year in Q3 2016, while powerful cost increase was registered by most nations in the world, shown a Knight Frank report. And with new property keep launching year on year, like Vanilla @ East Coast, can it sustain the demand?

The truth is, 44 of the 55 states monitored in the report recorded a rise in costs, with the greatest increase being posted by Turkey.

USA is also expecting slowness

Over in the United States, the anticipated slowdown in house prices in the run up to the presidential election did not materialise.

“September indicated a fresh high for US house prices, which have surpassed their previous peak said Kate Everett-Allen, Associate, International Residential Research at Knight Frank.

What’s With UK Property Prices?

UK house prices proved to be resistant following the EU referendum -low mortgage rates as well as too little supply.

Knight Frank also noted that resurgent house costs in China and Hong Kong have prompted taxes and new regulation to restrain cost inflation. China’s resurgent costs are most apparent in its largest cities, where cost inflation was driven by pent up too little supply as well as demand.

Still Asia Prices Resistant to Drop?

Despite falling 5.5 percent year-on-year, house prices in Hong Kong increased 4.8 percent between June and September. Affordability concerns compelled authorities to raise the stamp duty to 15 percent for residents in addition to nonresidents, except for first-time buyers.

Increases in the United States will lead to a more powerful dollar with consequences for emergent marketplaces and international capital flows, although low rates will likely persist in Europe at least,” noted the consultancy.