The property market in Singapore is cooling off with house prices still on the rise but the rate of growth slowing down, according to the latest report from the Urban Redevelopment Authority.
The data shows that the rate of growth recorded from July to September, was the slowest it has been in five quarters. These trends are reflective of the objectives that the Singapore government are trying to achieve: slow and sustainable growth in the Singapore property market.
Property prices rose 0.4 per cent in the third quarter, compared with one per cent in the second quarter of 2013. Experts have said that this is most likely due to the latest Total Debt Servicing Ratio (TDSR), Seller Stamp Duty (SSD) and Additional Buyer Stamp Duty (ABSD).
Property developers are launching fewer and fewer new projects in light of the slowing growth in property prices. Developers sold just 2,430 properties in the third quarter, compared with the 4,538 sold in the second quarter of 2013, propertywire.com reports.
Resale flat sales also saw a 13 per cent decrease with 4,529 being sold in the third quarter, down from 5,235 in the second quarter.
In a recent article, prweb.com reported: "In the fourth quarter, analysts expect private property prices to pick up moderately as developers too line up projects to be launched in the fourth quarter."