Singapore Minister: Home Prices Need to Decline Further

Singapore’s longest stretch of property price declines since the global financial crisis may not be enough to prompt the city to ease its housing curbs.

“There is some distance to go in achieving a meaningful correction, after the sharp run-up in prices in recent years,” Tharman Shanmugaratnam, Singapore’s finance minister, said in a speech yesterday.

Singapore’s private home prices fell 0.7 percent in the three months ended September, the fourth quarter-on-quarter drop, bringing the slide in the past year to almost 4 percent. That’s the longest losing streak since 2009, when the government started housing curbs with some of the strictest measures implemented last year, including a cap on debt.

Bloomberg

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