House prices increased by 1.10 per cent between January and March compared to 1.58 per cent in the last quarter of 2016, a quarterly survey by banking industry lobby showed yesterday. KBA chief executive Habil Olaka said this has softened house prices due to low demand as most buyers depend on long-term loans such as mortgages. A quarterly survey by HassConsult, released on April 24, also indicated asking prices for detached houses dropped by 0. 2 per cent in the quarter while semi-detached houses recorded a 0.4 per cent drop. KBA, however, noted that during the first quarter of the year, residential property prices rose slightly against a suppressed demand due to reduced lending by commercial banks.

Source: The Star May 04, 2017 21:33 UTC