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S’pore home prices are Asia’s worst performing in Q2 after China

SINGAPORE — As property cooling measures such as additional stamp duties and loan curbs continued to work their way through the market, home prices in Singapore fell 3.2 per cent in the last quarter from the corresponding period a year earlier, the second-biggest drop in Asia after China, property consultancy Knight Frank said in its Global House Price Index report published today (Sept 4).

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SINGAPORE — As property cooling measures such as additional stamp duties and loan curbs continued to work their way through the market, home prices in Singapore fell 3.2 per cent in the last quarter from the corresponding period a year earlier, the second-biggest drop in Asia after China, property consultancy Knight Frank said in its Global House Price Index report published today (Sept 4).

Home prices in China declined the most in Asia, dropping 5.7 per cent amid growing concerns over the health of the world’s second-largest economy, the report showed.

Mr Nicholas Holt, Knight Frank’s Head of Research for Asia Pacific, said: “With markets increasingly interconnected throughout the region, economic concerns in China will continue to cause jitters throughout Asia Pacific.”

“The resulting impact on housing markets is not necessarily straightforward. On the one hand, economic growth is a key indicator for future house price performance; while on the other, property in times of economic turbulence has been seen as a safe haven, and a postponement of an interest rate rise hike in the United States will continue to provide many markets with a low cost of debt,” he added.

Home prices in Hong Kong posted the best returns in Asia last quarter, climbing 20.7 per cent despite the government maintaining measures to cool the market, the report showed. New Zealand came in second, with housing prices rising 10.9 per cent, and Australia rounded up the top three, with prices gaining 6.9 per cent.

Knight Frank’s Global House Price Index tracks prices in 56 mainstream residential markets across the globe. Global house prices rose a marginal 0.1 per cent in the year to June amid lingering concerns over the euro zone economy, jitters in global stock markets and the timing of a US rate hike. AGENCIES

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