21 Dec '16, 4am

Asia #Business ~ Falling home prices a boon for luxury market - PropertyGuru #Singapore

Home sales in the Core Central Region are up 42.6 percent from 2015. Despite the continued drop in private home prices, Singapore’s property market has showed signs of life, with a rejuvenated collective sales market and robust luxury residential sales, reported The New Paper . Data from the Urban Redevelopment Authority (URA) showed that private home prices fell by 10.8 percent over 12 consecutive quarters, while rents dropped by 10.7 percent. Nonetheless, the sales volume for the first nine months of 2016 increased by 9.8 percent year-on-year to 11,993 private units (excluding executive condominiums). In fact, the falling prices have helped boost the luxury residential segment. As at 15 December, the Core Central Region (CCR), which includes Orchard, Bukit Timah and Novena, registered 2,601 private home transactions, up 42.6 percent from last year, revealed Savills Singa...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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