Massive recovery in Singapore prompts housing bubble fears
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After residential property prices in Singapore surged 15.75% in Q3 2009, the government warned against speculation, and the formation of a property bubble. From a six-year low of 953 housing units sold in Q4 2008, sales soared to 10,120 units in Q2, and 11,518 units in Q3 2009.
After strengthening from 2005 to 2007, house prices in Singapore fell in 2008 due to the global financial crisis and the ensuing economic slowdown. As global demand slumped, Singapore’s economy contracted 9.5% during the year to Q1 2009, and there was a 24.9% house price fall during the year to Q2 2009 (24.5% in real terms).
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