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Singapore records house price dip

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Private house prices have fallen in Singapore for the first time in almost three years, official data shows

The Singapore Urban Redevelopment Authority’s (URA) private residential property price index measured 206.0 for the first quarter of 2012.

This was down marginally from 206.2 in the final quarter of 2011, the first drop in since the second quarter of 2009.

The price of non-landed private residential properties decreased by 0.9 per cent within the country’s ‘core central region’ and 0.7 per cent in the rest of the central region.

However, prices outside the central region increased by 1.2 per cent from the previous quarter.

The Royal Institution of Chartered Surveyors said the quarterly decline was mainly due to weakness at the high end of the market.

It added: ‘We believe this general easing trend will continue through 2012, as the supply of new homes increases, but an outright collapse is unlikely.

‘Transaction volumes remained healthy in Q1 and a stable labour market should maintain this.’ 

The URA said its ‘flash estimates’ would be updated at the end of April when more data was available, and that this could affect the outcome.

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