Singapore property prices reach new peak

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Suburban property in Singapore seems to be most vulnerable to corrections, analysts say

Real estate prices in Singapore rose to a new high for a fifth straight quarter in the three months to June 2013, the Urban Redevelopment Authority said in a release on July 1.

At the same time, shares of Singapore’s blue-chip property firms fell after the government introduced its latest cooling measures for the market that include a curb on home loans. Shares in Capitaland Ltd were down 2.3 per cent while City Development Ltd fell 1.2 per cent in early trading on July 1.

Prices of apartments in Singapore’s core central region, which includes the Orchard Road district popular with foreign investors, have risen by 49 per cent since the end of the global financial crisis in 2009.

Home prices in the suburbs, areas more popular with middle-class Singaporeans, have increased by 70 per cent, the numbers show.

Record home prices already raised concerns of a housing bubble, with experts warning that owners and developers of private apartments in the outer suburbs appear most at risk should the property market correct.

Apart from the loan curbs, the Singaporean government in its aim to cool the market also introduced an increase in stamp duties for home buyers by 5 to 7 percentage points. It also plans to raise taxes for luxury homeowners and investment properties.

 

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Reading Time: 1 minute

Suburban property in Singapore seems to be most vulnerable to corrections, analysts say

Real estate prices in Singapore rose to a new high for a fifth straight quarter in the three months to June 2013, the Urban Redevelopment Authority said in a release on July 1.

Reading Time: 1 minute

Singapore_houses
Suburban property in Singapore seems to be most vulnerable to corrections, analysts say

Real estate prices in Singapore rose to a new high for a fifth straight quarter in the three months to June 2013, the Urban Redevelopment Authority said in a release on July 1.

At the same time, shares of Singapore’s blue-chip property firms fell after the government introduced its latest cooling measures for the market that include a curb on home loans. Shares in Capitaland Ltd were down 2.3 per cent while City Development Ltd fell 1.2 per cent in early trading on July 1.

Prices of apartments in Singapore’s core central region, which includes the Orchard Road district popular with foreign investors, have risen by 49 per cent since the end of the global financial crisis in 2009.

Home prices in the suburbs, areas more popular with middle-class Singaporeans, have increased by 70 per cent, the numbers show.

Record home prices already raised concerns of a housing bubble, with experts warning that owners and developers of private apartments in the outer suburbs appear most at risk should the property market correct.

Apart from the loan curbs, the Singaporean government in its aim to cool the market also introduced an increase in stamp duties for home buyers by 5 to 7 percentage points. It also plans to raise taxes for luxury homeowners and investment properties.

 

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