In spite of new launches and ongoing developments, Singapore is actually considered to be one of the weakest when it comes to housing markets. Believe it or not, Global Property Guide’s recent survey said that it is part of the five countries in the world that has the feeblest home sales.
During the first quarter of this year, the price of homes sold at the city-state was knocked down by as much as 3.45 percent. The decline has been consecutive for about six quarters already. On the other hand, during the last quarter, the home prices fell by as much as 1.12 percent if you would base it on the quarter-on-quarter record.
It is not just the demand for homes that declined in Singapore. Theirs is also a drop in the supplies as well. In Q1, there were only 1,258 private homes sold across the country. And a big drop of 40 percent in the number of launched private homes as well which were only 1,189 units during the same quarter. Some of which were from Highline Residences, Trilive @ Kovan and Gramercy Park. These figures are all from the data gathered by the Urban Redevelopment Authority or URA.
In a statement made by the Ministry of Trade and Industry, it was said that the economy of Singapore only increased by a mere 2.6 percent compared to 2014’s first quarter. However, they believe that in the following months Singapore will rise further from 2 up to 4 percent just like what happened last year wherein 2014 had a 2.9 percent augment.
Since Singapore isn’t the only one, the other four places where home sales are weak include Russia, Kiev in Ukraine, Beijing in China, and Dubai in UAE.
On a positive note, Ireland is becoming one of the countries with the fastest emerging real estate market. The residential prices are currently sky-rocketing and increasing by as much as 17.57 percent during the first quarter of 2015. In no particular order, the other countries with intensifying property market include Israel, Hong Kong, Sweden and Estonia.