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SINGAPORE private home prices fell 2.4 per cent in the third quarter of 2008, government data showed on Friday, worse than an initial estimate of a 1.8 per cent decline as the economy weakened in September.
Rents during the July-September period fell by 0.9 per cent after gaining 2.5 per cent in the three months to June, the Urban Redevelopment Authority (URA) said.
Singapore releases advance estimates on property prices shortly after the end of each quarter based primarily on transactions during the first 10 weeks of the period. The government subsequently provides detailed data for the period that includes price changes by region as well as rental trends.
The fall in Singapore home prices in the three months to September marked the first decline in four years amid concerns over the worsening global financial turmoil and coincides with the economy's descent into recession during the quarter. -- REUTERS
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