Demand in Singapore's real estate market at the start of the first quarter of this year declined significantly, with the Redevelopment Authority reporting that developers sold 301 units in February, down 7% from the units sold in the previous January.

<Singapore's new home sales recorded a growth of 2% to 7,440 units in 2015, but less than half of what was recorded in 2013. Singapore's house prices have been falling for more than two years in a row, in the biggest downturn in 17 years, due to a slump in demand for real estate.

Singapore's house prices have been falling for more than two years in a row, in the biggest downturn in 17 years.

Singapore ranks high in Asia's luxury real estate markets, with the second most expensive place to buy property after Hong Kong.

Singapore's luxury real estate market is the second most expensive in Asia.