Singapore private home prices fall 5.7% in Q4

Singapore's private home prices fell 5.7 percent in the fourth quarter of 2008, the country's Urban Redevelopment Authority (URA) said Friday.

    Based on the estimated price index of private residential property, prices fell to 163.4 points from 173.3 points in the third quarter of 2008, which represents a decline of 5.7 percent, compared with the 2.4 percent decline in the previous quarter, the URA said.

    Prices of non-landed private residential properties decreased the biggest in core central region, down by 6.3 percent. Prices declined 5.5 percent in rest of central region and 4.7 percent in outside central region in the quarter.

    Some experts expected the country's property prices could decline further in 2009.