The cooling measures are here to curb the property prices as the past few years, the property prices have been on the increasing side. This definitely dampen the property buying and investing mood in Singapore. Let’s read how the the experts have to say about the ease of cooling measures.
Singapore house prices have been dropping over the past 11 straight quarters, its longest losing streak.
Research Head at JLL Southeast Asia, Dr Chua Yang Liang, said the possible retrieval range will probably be driven mainly by a pick-up in the prime residential marketplace, and in line with GDP increase.
“(Singapore’s home costs) are close to a trough with economic conditions steady and physical marketplace states balancing …
Meanwhile, increase in demand within the mass market section will continue to be slow, with sluggish cost adjustments contemplating supply overhang and the policy measures. Chua also anticipates the residential rental market to stay soft.
The government has been unwilling to revoke the property cooling measures, despite continued calls from property developers and realtors for the measures to be facilitated.
Singapore saw private home costs soar by more than 60 percent following the 2009 International Financial Catastrophe to peak in Q3 2013.
However, property specialists will not anticipate the property cooling measures to be facilitated soon.
I believe the first will be 2017 because we’ven’t quite achieved the double digit cost correction that they need,” said Head, Selena Ling, Treasury Research and Strategy, OCBC.
DId you know Straits Mansions is the next upcoming landed that is going to launch soon?
URA flash estimates released this month show the private residential property price index fell by 0.4 percent in Q2, a little improvement from the 0.7 percent decline shown in the first quarter.
To conclude, personally we feel that the cooling measures only affect the private sectors especially the resale market. New launch projects are still seeing healthy take up rate, like the Gem Residences which took a 51% sold out during the first day of launch!