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Private property sales in the primary market fell 26 percent n October from the previous month, according to data form Singapore's Urban Redevelopment Authority, as fresh tightening measures kept home buyers cautious and developers held back on new launches.
And, double-digit declines are expected to continue into 2013. Real estate analysts forecast transaction volumes will fall close to 30 percent next year to 16,000 units, down from 22,000 in 2012.
While Singapore's trade dependent economy has had a tough 2012, even teetering on the brink of a recession earlier this year, the city state's residential property market has remained robust, with prices among the highest in the world.
Private home prices in this Southeast Asian financial hub have risen a whopping 56 percent since the global financial crisis, and most analysts expect this upward trajectory to continue into the new year, even as the market faces a drop in sales volumes amid a somber growth outlook.
Singapore's private housing market has seen months of double-digit declines in sales, including a 44 percent month-on-month fall in November, in part due to a number of cooling measures introduced by the government – yet prices have remained firm.