According to the Urban Redevelopment Authority, residential property prices in Singapore fell for two consecutive quarters after a four-year boom, reports Prian.ru citing Property Wire. Apartment prices in central Singapore dropped by 6.3%, around the center by 5.5%, and in other regions of the city-state by 4.7%.
Economists forecast that Singapore's GDP growth will shrink by 2% in 2009. According to the head of the research department of the local branch of the international consulting agency DTZ, Ong Chun Fa, improvement in the city-state's real estate market will begin no earlier than the second quarter of this year.
Specialists link the decline in housing prices in Singapore to the global economic crisis and recession.