Prices of non-landed private homes in Singapore fell by 3.1 percent in the first three months of 2016 compared to Q1 2015, revealed Knight Frank’s latest Global House Price Index.
The index, which compares the functionality of 55 home markets, ranked the city state among the worst-performing states, in 51st place.
“ Price growth is being restrained by A blend of slow economic growth, regulatory measures and new supply,” said Knight Frank.
Internationally, the index grew by 3.4 percent on average in the 12 months to March 2016.
Turkey, which leads the positions for the fourth consecutive quarter, has seen its rate of annual growth decline from 18 percent quarter-on-quarter to 15 percent, due to security concerns, Russian sanctions and mounting pressures on the lira curtailing investment, said Knight Frank.
Meanwhile, Ukraine remains the world’s feeblest performing market, with prices in Q1 dropping by 10.5 percent from a year ago.