Source: The Straits Times (Print) – Tighter loan limits, more cash upfront
Published on Jan 12, 2013
I thought what the Singapore Finance Minister Tharman Shanmugaratnam said about the Singapore property market was spot-on and worth mentioning here.
“Interest rates are abnormally low, abroad and in Singapore. That’s why we’ve had to take this additional set of measures that we would not normally take, because we’re not in a normal situation. So it’s better that we calm the market now and get some softening of prices now than wait for a more destabilising correction later“.
Source: MAS Press Release – Additional Measures To Ensure A Stable And Sustainable Property Market
“The continued buoyancy of the property market reflects the very low interest rate environment and continued income growth in Singapore. These factors supported a record level of housing transactions last year, particularly from investment demand. Housing prices have also shown signs of reaccelerating in recent months, in both the private residential and HDB resale flat markets. Price increases, if not checked, will run further ahead of economic fundamentals and raise the risk of a major, destabilising correction later on. “