Singapore house prices continue to rise sharply



Singapore government statistics show that the prices of private real estate in this country increased by 2.9% in the first quarter, the largest increase since the second quarter of 2018.

Preliminary statistics of the Singapore Urban Redevelopment Authority shows that in the fourth quarter of 2020, the price of private real estate increases by 2.1%, the growth rate of the whole 2020 is 2.2%.

Singapore house prices continue to rise sharplySingapore house prices continue to rise sharply / ph: pexels

 Since the Singapore government removed social distancing measures in June 2020, house prices have risen sharply, partly because the central bank has maintained very low interest rates.  Over the past few months, house prices - from private flats, social housing to luxury penthouses - have skyrocketed.

 It is said that it is likely that the Singapore government will take some measures to lower house prices.  In 2018, when house prices soared, the Singapore government restricted mortgage lending and raised taxes on foreigners buying houses in Singapore and second house buyers.

Authorities are closely monitoring market indicators as well as GDP growth to determine whether the growth rate of real estate prices exceeds economic growth or not.  They will also monitor the size of real estate transactions to prevent the risk of bubbles.

 Recently, a number of countries began to apply measures to cool down real estate prices.  Last month, the New Zealand government removed tax incentives for homebuyers to cool down the market.

 In Canada, the median home price in Toronto exceeded the Canadian $1 million mark ($795,000) for the first time.  Many Canadian experts have called on the government to intervene.

Singapore house prices continue to rise sharply

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