Singapore home sales bound to drop

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The Singapore government is concerned about the rising numbers of so-called shoebox apartments

Residential property sales in Singapore may drop as much as 27 per cent in 2013 after sales surged to a three-year peak in the third quarter this year and as six rounds of housing curbs by the government crimps demand, says real estate company Jones Lang LaSalle.

Private home sales next year may drop to 16,000 units from 22,000 units this year, according to the firm. Singapore introduced measures including higher down-payments for second home purchases and new taxes for foreign buyers since the start of 2010

Knight Frank Pte, a property consulting company, also estimates home sales will fall to between 16,000 and 18,000 next year.

Singapore home prices climbed to a record in the third quarter, prompting the city state’s Finance Minister Tharman Shanmugaratnam to say that the real estate market may get “bubbly.”

The Monetary Authority of Singapore told banks on October 5 to restrict home-loan maturities “to curb continued upward pressure on residential property prices,” in its latest attempt to avert a housing bubble. The government said in September it plans to cap the number of homes that can be developed in suburban projects as it seeks to curb the increasing trend of so-called shoebox apartments.

In December last year, the government imposed an additional stamp duty on foreigners and corporations buying property, and additional levies on permanent residents buying a second home and citizens purchasing a third residential property.

The Singapore economy is forecast by the government to expand 1.5 per cent to 2.5 per cent in 2012, from 4.9 per cent in 2011. The economy “slowed discernibly” in the past two quarters and will grow at below-potential levels for a second year in 2013, the Monetary Authority said on October 30.

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Reading Time: 1 minute

The Singapore government is concerned about the rising numbers of so-called shoebox apartments

Residential property sales in Singapore may drop as much as 27 per cent in 2013 after sales surged to a three-year peak in the third quarter this year and as six rounds of housing curbs by the government crimps demand, says real estate company Jones Lang LaSalle.

Reading Time: 1 minute

The Singapore government is concerned about the rising numbers of so-called shoebox apartments

Residential property sales in Singapore may drop as much as 27 per cent in 2013 after sales surged to a three-year peak in the third quarter this year and as six rounds of housing curbs by the government crimps demand, says real estate company Jones Lang LaSalle.

Private home sales next year may drop to 16,000 units from 22,000 units this year, according to the firm. Singapore introduced measures including higher down-payments for second home purchases and new taxes for foreign buyers since the start of 2010

Knight Frank Pte, a property consulting company, also estimates home sales will fall to between 16,000 and 18,000 next year.

Singapore home prices climbed to a record in the third quarter, prompting the city state’s Finance Minister Tharman Shanmugaratnam to say that the real estate market may get “bubbly.”

The Monetary Authority of Singapore told banks on October 5 to restrict home-loan maturities “to curb continued upward pressure on residential property prices,” in its latest attempt to avert a housing bubble. The government said in September it plans to cap the number of homes that can be developed in suburban projects as it seeks to curb the increasing trend of so-called shoebox apartments.

In December last year, the government imposed an additional stamp duty on foreigners and corporations buying property, and additional levies on permanent residents buying a second home and citizens purchasing a third residential property.

The Singapore economy is forecast by the government to expand 1.5 per cent to 2.5 per cent in 2012, from 4.9 per cent in 2011. The economy “slowed discernibly” in the past two quarters and will grow at below-potential levels for a second year in 2013, the Monetary Authority said on October 30.

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