Singapore Home Prices Surge to Highest in More Than a Decade

Bloomberg2022-01-03

Private home values surged 5% in the fourth quarter of 2021Newly imposed property curbs will test market resilienceSingapore home prices rose in the fourth quarter at the fastest pace in more than a ...

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Comments

angelo0908
2022-01-03
angelo0908
Good
chaisiewling
2022-01-03
chaisiewling
like
Jingyeng
2022-01-03
Jingyeng
😄
JT1806
2022-01-03
JT1806
No wonder everything keeps increasing prices 😓
RobinChanKH
2022-01-03
RobinChanKH
Up
這次BBQliao_鹹煎餅了
2022-01-03
這次BBQliao_鹹煎餅了
omg...

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That’s the highest quarterly growth since the second quarter of 2010 when prices jumped 5.3%. For 2021, prices increased by 10.6%, also the highest since 2010.Singapore’s price spike underpins the government’s move toimposea fresh round of property curbs, which included raising additional stamp duties for second-home buyers and on foreigners purchasing private residences. If left unchecked, prices are likely to run ahead of economic fundamentals, the government cautioned at the time.The rebound fed a property frenzy that generated S$32.9 billion ($24 billion) in home sales in the first half of last year, double the amount in Manhattan over the same period, driven by demand from the ultra-rich flocking to the Southeast Asian business hub. Singapore’s central bank last month warned that household debt is higher than pre-pandemic levels, driven by property loans.“Looking at price surge in the fourth quarter, it explains why the government introduced the property curbs because they had already seen the data and saw this coming,” Nicholas Mak, the Singapore-based head of research and consultancy at APAC Realty Ltd. unit ERA. “If they had not acted earlier, people would have been speculating that cooling measures are on the cards.”Buyers have been capitalizing on low interest rates and expectations that prices will climb further as the economy recovers. An acceleration in the final quarter helped propel overall growth for the full year to 7.2%, the fastest since 2010.The property cooling measures will test the market’s resilience. Singapore’s property market has held up well in the last two years despite suffering from the worst recession on record in 2020 and enduring several start-stop virus restrictions last year.Analysts previously said that the property curbs may be a short-termfixin a market with an insatiable appetite for homes. While the mesaures may damp prices and sales in the next quarter or two, they may rebound as early as the second half of this year.Demand may pick up slightly after the Lunar New Year in February though the level of transactions may be lower than in recent months, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.“Prices may stabilize and rise at a much slower pace in the next few quarters. 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