The Unassuming Economist

“Singapore’s housing market is cooling. Both private and public house price growth turned negative in late-2013, and declined by 1.3 percent and 1.6 percent (q/q), respectively, in the first quarter of 2014. Indicators on the quantity side also indicate a softening of the market: the number of housing transactions has been decreasing; house supply conditions, which had tightened in the mid-2000s due to rising population, have been easing; and vacancy rates are rising. Going forward, further downward pressure on house price is expected with a large supply of new housing set to come on the market in the coming years,” according to the IMF’s latest economic report on Singapore.