HOUSING & Development Board (HDB) resale flat prices registered a drop in the fourth quarter of 2013 that was larger than estimated, leading to the first annual price decline in eight years.
Transaction volumes for the year plummeted to the lowest level since HDB started compiling the data in 1997, as sales continued to weaken in the last three months of the year.
Property consultants say they expect an even wider fall in prices this year, although transaction volumes may improve given how far they fell in 2013.
The resale price index released by the HDB yesterday showed a 0.6 per cent fall in 2013, the first annual decline since 2005. A 1.5 per cent fall was posted in the fourth quarter...