Authorities in the city-state keep close tabs on property prices to ensure housing remains affordable for locals.
“We got really worried because we saw that people were snapping up homes left, right and centre,” said Kaur. Authorities in Singapore, where real estate is a safe haven investment for wealthy foreigners, keep close tabs on property prices to ensure housing remains affordable for locals and stays in step with economic fundamentals.
Private home prices fell 11.6% from a 2013 peak over a span of 15 quarters after the government took steps to curb a housing market boom as Singapore emerged from the global financial crisis. Total transactions in the first quarter nearly doubled from a year ago, touching their highest in at least two years.“Some of it is because of people’s view that you might see some cooling measures. So people are trying to get ahead of that,” CEO Piyush Gupta said in the bank’s results call with reporters.Further out, supply is set to tighten in both the private and public housing markets due to pandemic-driven delays in construction.
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