We’ve known for for over a year that condos around the US are facing declining values, and that new condos were fetching far less than the original launch prices.

Now the reverberation of the US failing economy is reaching the Asian market, where the boom had yet to go bust.

An example of the decline is The Oceanfront at Sentosa Cove (pictured), a luxury condo project in Singapore which has plunged 26 percent from one year ago, while two other prime properties, Ardmore II and The Trillium are not far behind.

Also notable in these figures is the effect the economy is finally having on luxury condo properties. The same Singapore study is reporting existing luxury condo properties falling in value from 5 to 10 percent in value.

As the global economy gets darker it will become increasingly difficult for condo towers to sell the required amount of units to obtain financing. This could then spell the beginning of a long dry spell for new condo hi-rise towers.