In the April-June period, Singapore real estate prices dropped for a fourth straight quarter in the midst of the city-state's worst ever recession.

The Q2 also saw private residential property prices falling 5.9%, following a 14 percent drop in the first quarter.

Yuwa Hedrick-Wong, Asia-Pacific economic adviser for MasterCard in Singapore, said: “Prices, which have fallen about 26 percent since early last year, could plummet further as tens of thousands of new apartments become available over the coming months. I'm afraid prices will crash again.”

The first quarter saw Singapore's gross domestic product falling a seasonally adjusted, annualized 14.6 percent. It is being predicted by the government that the economy would contract as much as 9 percent this year.

During 2006 and 2007, private property prices increased 50%, due to growing economy and speculations fueled by easily-available credit; with new apartments occasionally changing hands many times before completion.

The authority said: “Prices of government-built housing, where more than 70 percent of Singaporeans live, rose 1.2 percent in the second quarter, making up for a 0.8 percent drop in the first quarter.”

It should be noted that the property survey was conducted in the first 10 weeks of the quarter, and the authority specified that it plans to launch more complete figures later this month.