Singapore private home prices had their steepest fall in a decade in the fourth quarter as a tumble in the real estate sector was exacerbated by a severe recession. Prices of private residential property dropped 6.1 percent in the October-December period from the previous quarter, the Urban Redevelopment Authority said in a statement Friday.
Prices slid 2.4 percent in the third quarter after rising for four years. Private home prices fell 4.7 percent last year after surging 31 percent in 2007, the authority said.
A collapse in export demand has dragged the Singapore economy into recession. The government said this week it expected gross domestic product to shrink as much as 5 percent this year. The economy contracted 17 percent in the fourth quarter from the previous quarter.
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