HONG KONG, April 17 /PRNewswire-Asia/ -- The Urban Redevelopment Authority (URA) releases its quarterly report on property price developments in Singapore on Friday 24th. Flash estimates for the residential sector were published earlier in the month and showed an acceleration in the pace of house price falls across the city state, with a quarterly decline of 13.8% in Q1. Singapore GDP, released this week, fell by a monumental 11.5% compared to a year earlier in Q1 as the collapse in global trade weighed heavily on exports. With the economy contracting at such a rapid pace, unemployment is likely to shoot upwards throughout 2009 adding further downward pressure on property prices in both the residential and commercial markets.
Japanese loan officers to show drop in home loan demand
The Q1 Bank of Japan (BOJ) Senior Loan Officers Survey is released on Wednesday 22nd against a backdrop of continuing concerns about the prospects for the Japanese economy.
A brighter outlook for the US housing market
Evidence increasingly suggests that the US housing market downturn is now at or near a bottom. In recent months, building permits, housing starts and home sales have all edged up slightly. Significantly, the NAHB housing market index, a report of builders’ sentiment, made a marked recovery in April, shooting up 5 points to 14.
Weak German economy hits housing market
A further snapshot of the state of the German economy will be provided by the release of April IFO survey on Friday 24th. The March survey showed business sentiment slipping to a new low with the headline index dropping from 82.6 to 82.1.
Please download from the following for the complete report content: http://www.creativegp.com/RICS/RICSWeeklyRealEstateComment-Apr17.pdf
Media enquiry, please contact:
Ms Kate Kwan / Mr. Sam Leung
Tel: +852-2372 0090
Mobile: +852-9077 1337 / +852-9685 9295
Email: kate@creativegp.com / sam@creativegp.com
