Chart of the Day: Check out how condo prices have tumbled since their 2013 peak

Prices in the RCR have dropped by 9.3%.

Singapore’s cooling measures are still in full effect on the city-state’s condo market, illustrated by an unrelenting contractions in condo prices.

According to a report by SLP International, since its peak in 2Q13, the Rest of Central Region (RCR) price index had dropped by 9.3% while the Outside of Central Region (OCR) prices peaked slightly later at 3Q13, but has been down 6.7% since.

SLP International adds that while the price downturn does not seem to be very high, it is not an accurate barometer of market sentiments.

“The spectre of further price drop due to the cooling measures weighs heavily on the real estate market and has permeated a sense of gloom which resulted in further drop in prices and transactions,” the report said.

Meanwhile, the rental index of mass-market private homes also experienced the same trend, peaking in 1Q13 and experiencing a long period of contraction, falling by an average of 3.4% per year.