The Urban Redevelopment Authority (URA) of Singapore said last Friday prices of residential properties in the country declined 6.1 percent in the fourth quarter (October-December period) compared to a 2.4 percent drop in the previous quarter. Additionally, price of office properties went down 4.9 percent, shop properties by 4.8 percent, as well as industrial property prices fell 6.5 percent in the fourth quarter.
For the last year 2008, prices of private residential properties dipped 4.7 percent, reversing a 31.2 percent raise in the previous year. On the other hand, office property prices dropped 7 percent, and those of shop properties decreased 1.9 percent. Nevertheless, worth of industrial properties increased 1.5 percent in the year. Businessmen expect this year property selling will be increased.
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