Desmond Lee flags ‘psychological factor’ contributing to higher prices in HDB resale market

National Development Minister Desmond Lee said perceptions that HDB resale prices will keep rising are making home buyers anxious to secure a flat regardless of the price.

From Aug 20, HDB has lowered the loan-to-value limit, or the maximum loan that home buyers can take from HDB to fund a new or resale flat purchase, from 80 per cent to 75 per cent. Besides cooling demand at the higher end of the resale market, Mr Lee said the psychological factor can be addressed by providing Singaporeans with an accurate perspective of the situation.

“But when they go around, people have the impression that every resale flat is a million dollars or more,” he said. ERA key executive director Eugene Lim said 539 million-dollar HDB resale flats were sold in the first seven months of 2024, compared with 82 such deals in 2020.

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Lower HDB loan limit aimed at encouraging prudent borrowing, dampening higher-end market demand: Desmond LeeSINGAPORE — The lowering of the maximum loan that home buyers can take from the Housing and Development Board (HDB) is aimed at encouraging more prudent borrowing and dampening demand at the higher-end of the public housing resale market, said National Development Minister Desmond Lee on Tuesday (Aug 20).
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Lower HDB loan limit aims to encourage prudent borrowing, dampen higher-end market demand: Desmond LeeThe authorities have observed buyers who take loans at higher loan-to-value limits "disproportionately" buy larger flats and pay higher prices, says National Development Minister Desmond Lee.
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