【Bloomberg】Singapore Luxury Home Prices Drop Most in a Decade on Curbs

Singapore home prices fell for a second straight quarter, with values of luxury dwellings falling the most in almost a decade as property curbs imposed mid-last year took some heat out of the market.

Private residential prices declined 0.6 percent in the three months ended March 31 from the previous quarter, when they fell 0.1 percent, the Urban Redevelopment Authority said Monday. Luxury home prices, or residences located in the prime areas, dropped 2.9 percent, the most since the quarter ended June 2009.

Singaporean authorities have kept a tight leash on the property market since the early part of the decade in a bid to avoid runaway price growth like in Hong Kong, which holds the unenviable title of the world’s least-affordablehousing market.

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