Singapore property prices likely to drop again: Finance minister

singaporepropertyforsale1Singapore Finance Minister Tharman Shanmugaratnam said he expects property prices to fall further, days after data showed home values in the city-state dropped for a third consecutive quarter.

“I don’t think the cycle is over,” Shanmugaratnam said on July 3 at a conference hosted by DBS Group Holdings Ltd. in Singapore. “I think further correction would not be unexpected.”

The Singapore government has taken steps since 2009 to curb speculation in the property market. An index tracking private residential prices in Singapore fell 1.1 percent to 209.3 points in the three months ended June 30, following a 1.3 percent decline in the previous three-month period, according to preliminary data released by the Urban Redevelopment Authority on July 1.

Among measures introduced to cool the property market, lenders must consider a borrower’s debt when granting mortgages, the Monetary Authority of Singapore said in June, 2013. Home loans should not lead to a borrower’s total debt-servicing ratio rising above 60 per cent of his or her income, it said.



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Singapore Finance Minister Tharman Shanmugaratnam said he expects property prices to fall further, days after data showed home values in the city-state dropped for a third consecutive quarter. “I don’t think the cycle is over,” Shanmugaratnam said on July 3 at a conference hosted by DBS Group Holdings Ltd. in Singapore. “I think further correction would not be unexpected.” The Singapore government has taken steps since 2009 to curb speculation in the property market. An index tracking private residential prices in Singapore fell 1.1 percent to 209.3 points in the three months ended June 30, following a 1.3 percent decline...

singaporepropertyforsale1Singapore Finance Minister Tharman Shanmugaratnam said he expects property prices to fall further, days after data showed home values in the city-state dropped for a third consecutive quarter.

“I don’t think the cycle is over,” Shanmugaratnam said on July 3 at a conference hosted by DBS Group Holdings Ltd. in Singapore. “I think further correction would not be unexpected.”

The Singapore government has taken steps since 2009 to curb speculation in the property market. An index tracking private residential prices in Singapore fell 1.1 percent to 209.3 points in the three months ended June 30, following a 1.3 percent decline in the previous three-month period, according to preliminary data released by the Urban Redevelopment Authority on July 1.

Among measures introduced to cool the property market, lenders must consider a borrower’s debt when granting mortgages, the Monetary Authority of Singapore said in June, 2013. Home loans should not lead to a borrower’s total debt-servicing ratio rising above 60 per cent of his or her income, it said.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00