DESPITE the cooling measures introduced on July 5, 2018, Singapore's residential property market has stayed resilient and quarterly primary home sales rose in the last three quarters, to the surprise of many.
We believe the housing market in Singapore is stable due to sound and sustainable housing policies, which has ensured continued affordability compared to other global cities.Our research shows that over the last fifteen years, median home prices in global gateway cities have appreciated at six per cent compound annual growth rate , more than double those same cities' rate of median income growth of about 2.5 per cent.
Canada, Australia, New Zealand, Hong Kong and the United Kingdom imposed additional taxes on foreigner buyers, second-home purchases and vacant homes. Singapore stands out as leading the pack, as we acted early to prevent home prices from rising to unsustainable levels and ensure affordability for the median household.
Singapore's housing policy has addressed both demand and supply. It has achieved one of the most successful outcomes in any global city. Singapore's median home price is estimated to be 4.6 years of income as at end-2018, lower than the 6.1 years in 2012.
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