House prices rises slow down in singapore

Photo: SelectTravel

The news will come as a relief to officials following the introduction of measures to cool down a market that was heating up.

House prices still increased in the third quarter of 2013, according to the Urban Redevelopment Authority. Prices edged up 0.4 per cent in the three months to September, but the rate was slower than the 1 per cent rise in the previous quarter.

Some regions actually recorded a decline in values, with the Core Central Region seeing values dip 0.3 per cent – on top of a 0.2 per cent slip in the previous three months. The Rest of Central Region saw prices fall 0.9 per cent, the first decline in the area since the first three months of 2012.

Other areas, though, continued their strong rise: the Outside Central Region enjoyed  a climb of 2.2 per cent.

Sales decreased across Singapore, adds Property Wire, with 2,430 properties sold during the three months – a significant drop from the 4,538 sold in the previous quarter.