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2 July 2009

Singapore property prices down 5.9% in Q2

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Singapore real estate prices fell in the April-June period for a fourth straight quarter amid the city-state's worst ever recession, reported Indonesian daily the Jakarta POst.

Private residential property prices fell 5.9 percent in the second quarter from the previous quarter after plunging 14 percent in the first quarter, the Urban Redevelopment Authority said Wednesday.

The property survey was carried out in the first 10 weeks of the quarter, and the authority said it plans to release more complete figures later this month.

Singapore's gross domestic product fell a seasonally adjusted, annualised 14.6 percent in the first quarter. The government expects the economy to shrink as much as 9 percent this year.


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