For 2014, HDB resale prices fell 6.2 per cent — this is the largest decline since 2001 (when the index fell 8.2 per cent in the year). Resale volume also fell from 18,100 units in 2013, to 17,318 in 2014 – which translates to a 4.3% annual drop.

URA’s Q4 2014 result also shows that prices of private homes in Singapore fell marginally by 1.1 per cent quarter-on-quarter (QoQ), after a decline of 0.7 per cent in the preceding quarter – this is the fifth consecutive quarter of decline. This brings the total decline in 2014 to 4.1%.