THE IMPACT OF THE 2013 LITTLE INDIA RIOT ON PRIVATE PROPERTY PRICES

Abstract

Riots are violent civil disorders that can have devastating consequences. This social phenomenon is not a new concept, as many countries and societies have struggled to deal with them throughout history. After many years of peace, Singapore also experienced a riot in Little India, on a December weekend in 2013. The rioters were South Asian foreign workers, who became emotional after a traffic accident led to the death of one of their compatriots. The negative aftereffects of a riot can remain long after the violence has ended. One such impact is the price decline of properties in neighbourhoods affected by the riots. To understand if this was also the case for Singapore, this study examines the price trends of properties in close proximity to the area affected by the riot. Using a regression analysis, the findings suggest that these properties were not affected by any such decline in prices. The reasons for this surprising result are explored further in the discussion.