Real estate prices in Singapore have plummeted since the beginning of 2015, and analysts are worried that the city-states’ property bubble could burst soon.

Singapore’s real estate market has underperformed since February of this year, when home sales were 48% lower compared to the same period in 2014. Meanwhile, residential prices fell by 4% in 2014 even while those in neighboring ASEAN countries boomed.

Christine Li, Director of Cushman & Wakefield’s Singapore branch, says to expect poor performance for the rest of 2015. “I think the decline will continue as long as cooling measures are in place for the rest of the year.”

“I expect the full year decline for the high-end market to be in the range of 5% to 8%, as most owners still have deep pockets who are able to hold it out,” she explained.

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