The recent property crash started in Q3 2013 has resulted in 2,067 property agents quitting their job in the past 6 months because of the lacklustre market. This figure registered an 8% drop from 26,014 in end 2014 to 23,947 in April 2015.
Singapore’s HDB resale price index started its downward slip from Q3 2013 at an index point of 149.4 to Q1 2015’s index of 135.6. Sales of private property, rental volume and transaction volume has also tumbled (see graphs) based on the latest report by the Urban Redevelopment Authority (URA):
According to the latest statistics by Singapore Real Estate Exchange (SRX), EC units in non-central locations like Jurong West see falling rental by as much as 11.2% as compared with its peak in January 2013. Rental volume has also fallen by 11.9% between March and April this year.
The Singapore Government has attempted to cushion the falling property prices and mitigate its impact by actively cutting housing supply by 28.8% for the 2nd half of 2015.
According to Barclays, Singapore’s property prices are likely to bottom out by mid 2016 as the Singapore Government has a political agenda to lower property prices at a slow rate to attract young Singaporean voters who are becoming disillusioned with the prices of Singapore.
URA: 28.8% lesser residential units to be built for 2nd half of 2015
Barclays: Singapore property prices to increase only after GE2016
New condo in Jurong West to launch prices 6% cheaper than its neighbour
You may read URA’s latest report here.