Soaring property prices start to slow in Singapore but 20% growth predicted in 2010
(20 April 2010) Soaring property prices in Singapore are slowing a little but are still on target to increase by up to 20% in 2010, according to analysts.
The government’s anti-speculative measures for the property market appear to have slowed growth with prices rising 5.1% in the first quarter of 2010, down from 7.4% in the previous three month period, the figures from the Urban Redevelopment Authority (URA) show.
At this rate, analysts expect prices to return to the 2008 peak levels before the end of this year and growth may reach 6% once deals done at the end of March are taken into account.
Market watchers expect home prices to increase by between 15 and 20% for the whole of 2010 and this growth will be led by the middle tier and high end segments of the real estate market. Experts said higher land prices seen in recent tenders will continue to support price growth.