Singapore’s home prices slid for a third consecutive quarter in Q2, the longest losing streak in five years, as tighter mortgage measures cooled demand in Asia’s second-most expensive housing market.

An index tracking private residential prices fell 1.1% to 209.3 points in the three months ended June 30, following a 1.3% decline in the previous three-month period, according to preliminary data released by the Urban Redevelopment Authority.

Declines may deepen as the government extends a campaign to cool prices that started in 2009, with Chesterton Singapore forecasting they will drop as much as 8% this year. Singapore last June capped the amount individuals are able to borrow, adding to measures that included new taxes and higher down-payments.

“The price moderation last quarter was lower than expected, which probably means that the measures are here to stay for now,” said Donald Han, managing director of Chesterton Singapore, a real estate consulting company. “It’s a healthy correction though volumes have dropped by half since the loan measures last year.”

The curbs in the Southeast Asian nation are proving more successful than other parts of the world where policy makers are trying to rein in asset prices.

Under the new loan framework, mortgages shouldn’t push a borrower’s total debt-servicing ratio above 60% and those that do will be considered imprudent, the Monetary Authority of Singapore said in June 2013.