Singapore home prices seen to dip on cooling measures to cool the property market could drag prices of private residential properties down by as much as 30 per cent over the next year, analysts warned.

Analysts are of the view that the government's measures to cool property market, such as extra stamp duty of 10 per cent on any foreigner purchasing a residential property in Singapore, would result into the repetition of what happened during the global recession in 2008 and 2009, when prices of houses slipped 25 per cent over one year.

Analysts at Goldman Sachs predicted that the cooling measures bring a 'state of paralysis' for the residential property market in the country, by making private home prices to fall 15 per cent over the next one-an-a-half year.

Last week, Standard Chartered Bank analysts forecast that residential property prices would see a drop of up to 30 per cent over the coming three years. But, following the announcement of cooling measures, the bank expects the same fall to take place within one year.

Speaking on the topic, a City Developments spokesperson said, "The measures will have a dampening effect in the short term so we will have to re-assess the market situation and, if necessary, tweak our strategy."

The Government's new measure aims at discouraging foreign buyers. And analysts believe that the high-end segment of the property market will be hit harder than the mass market, as highest proportion of foreign buyers go for luxury homes.