Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Jun 17, 2018
Bloomberg News
,(Bloomberg) -- London house prices fell the most since the beginning of the year in June as the capital’s property market continued to lag behind the rest of the country.
The price of property coming to market in London dropped by 0.9 percent, bringing the average price to 631,737 pounds ($838,000), property-website operator Rightmove said in a report Monday. Values fell 1 percent from a year earlier, marking the 10th negative month in a row. Nationally, prices grew 0.4 percent on the month and 1.7 percent on an annual basis.
The fall in London can partly be explained by the spring buying season coming to an end. At the national level, figures point to a “steady market,” with a shortage of stock pushing up prices in northern regions and the south experiencing the opposite.
In London, “new-to-the-market sellers recognize that the traditionally busier spring selling season is drawing to a close,” said Rightmove Director Miles Shipside. “With the year at mid-point, the 2018 summary so far is that the chances of sellers finding a buyer in the northern regions seems to have held up very well against the previous year, but market conditions are clearly more challenging for sellers in much of the south.”
A separate report from Acadata showed prices in the capital fell by 0.3 percent on the month.
London’s property market has been hit particularly badly by uncertainty surrounding Britain’s impeding exit from the European Union.
The British Chambers of Commerce said Monday it had trimmed its economic growth forecasts, with lackluster consumer spending and business investment among the reasons. It now sees the economy expanding 1.3 percent this year and 1.4 percent in 2019 in the worst two years since the financial crisis.
To contact the reporter on this story: Jill Ward in London at jward98@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Andrew Atkinson, David Goodman
©2018 Bloomberg L.P.