THE Covid-19 outbreak and economic slowdown have started to bite; the Urban Redevelopment Authority's flash estimates for the first quarter shows its benchmark overall private home price index shrank 1.2 per cent over the previous quarter.
The drop followed three consecutive quarter-on-quarter gains. Year on year, the index is up 2.2 per cent.
Analysts expect private home prices to continue heading south, to the tune of up to 8 per cent for the whole year. However, they are not predicting a steep fall like the 24.9 per cent slide over four quarters during the Global Financial Crisis.