By Mr. Propwise

From the URA’s flash estimate of the 3Q2011 private residential property index released last week, property prices in Singapore have (again) hit an all time high. Prices were up 1.3% in 3Q2011 on a quarter-on-quarter basis and 8.5% on a year-on-year basis.

At the current levels the price index is 15.9% above the previous 2Q2008 peak, and 13.4% above the previous all time high in 2Q1996. Of course, as long as the price index keeps rising, it’ll keep making an all time high.

What is interesting to note is that the rate of growth has been slowing for 8 quarters, i.e. property price growth has been decelerating. This is likely due to concern over the slowing economy, worrying global economic situation especially with the troubles in Europe and weak growth in the US, combined with the dampening effect of the government measures.

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