Property prices expected to decline by 30%

December 11th, 2011 at 7:59 pm

Analysts expect property prices in Singapore to decline by as much as 30 percent next year, due to the new measures implemented by the government to rein in the market.

The move could lead to a chilling replay of what occurred during the global financial crisis in 2008 and 2009, when home prices dropped 25 percent in over 12 months.

The warnings were given yesterday, amid reports on the unexpected latest measures by the government, which require foreigners to pay a 10 percent additional buyer’s stamp duty when acquiring private homes in the country.

Meanwhile, first-time Singaporean buyers and upgraders, as well as HDB flat buyers, will not be affected by the new measures.