Why have prices been trending downwards in recent years? Well, there are two major factors at play here…
Firstly, Singapore has seen a persistent excess of supply of new residential units come into the market since 2013.
New supply (the red bars on the below chart) in recent years has been way higher than it has been in the previous 15-plus years. Vacancy rates (the green line) have risen as this wave of new supply has come on stream. Those high vacancy rates have helped suppress prices.
https://americanconsequences.com/sin...operty-market/