Singapore’s home prices dropped for a fifth consecutive quarter, the longest losing streak in more than a decade, as tighter mortgage curbs cooled demand in Asia’s second-most expensive housing market.

An index tracking private residential prices fell by 1% in Q4 last year, the longest stretch of declines since March 2004 and bringing the slide to 4.9% from the record high set in September 2013, according to preliminary data released by the Urban Redevelopment Authority.

Residential prices fell 4% overall in 2014, the URA figures showed, the first year-on-year fall since 2008, as the government’s five-year campaign to rein in property values curbed demand. The drop is now more prolonged than during the global financial crisis, when prices slid for four consecutive quarters between the middle of 2008 and mid-2009.

Alan Cheong, a Singapore-based director at Savills, said that home prices may fall another 3% in 2015, while sales may remain at the low levels seen in 2014.

The government has imposed various curbs to cool the property market, including restrictions in June 2013 on the total loan amount for individuals. The measures prevent borrowers from taking on mortgages that push their total debt servicing costs above 60% of their income.