Singapore home prices dropped for a tenth quarter, posting the longest losing streak in almost two decades, as tighter mortgage curbs cooled demand in Asia’s second-most expensive housing market.
An index tracking private residential prices fell 0.7 percent in the three months ended March 31 from the previous quarter, matching the longest losing run since 1998, according to preliminary data from the Urban Redevelopment Authority on Friday.
The government has signaled it is reluctant to lift property cooling measures it began introducing in 2009, for fear it will lead to overheating in the market once again. The residential curbs have included a cap on debt repayment costs at 60 percent of a borrower’s monthly income and higher stamp duties on home purchases, after low interest rates and demand from foreign buyers raised concerns prices had risen too far too fast.
It is too early to relax the cooling measures, as doing so could result in a market rebound, National Development Minister Lawrence Wong said in a written reply to parliament on Feb. 29. Finance Minister Heng Swee Keat reiterated that view in his budget speech on March 24, saying it was “premature” to relax the curbs.
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An index tracking private residential prices fell 0.7 percent in the three months ended March 31 from the previous quarter, matching the longest losing run since 1998, according to preliminary data from the Urban Redevelopment Authority on Friday.
The government has signaled it is reluctant to lift property cooling measures it began introducing in 2009, for fear it will lead to overheating in the market once again. The residential curbs have included a cap on debt repayment costs at 60 percent of a borrower’s monthly income and higher stamp duties on home purchases, after low interest rates and demand from foreign buyers raised concerns prices had risen too far too fast.
It is too early to relax the cooling measures, as doing so could result in a market rebound, National Development Minister Lawrence Wong said in a written reply to parliament on Feb. 29. Finance Minister Heng Swee Keat reiterated that view in his budget speech on March 24, saying it was “premature” to relax the curbs.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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