November 28, 2023

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Singapore house costs fall for first time in three years

2 min read

Value momentum could lastly be easing after a buoyant run that noticed the city-state’s red-hot property market defy a world slowdown from London to Shanghai. To maintain a lid on house costs, the federal government doubled stamp duties for international consumers in April to 60% “- the best amongst main markets. It additionally raised levies for second-home consumers.

“We imagine the latest moderation in costs was pushed by the most recent spherical of property cooling measures in April, and we anticipate costs to edge up for the remainder of the yr,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a be aware on Monday. The financial institution projected 5% value progress for the total yr.

Whereas costs fell final quarter, transaction quantity elevated by about 16% from the earlier three months, in line with URA. House gross sales reached a one-year excessive in Could, as a provide crunch eased amid new improvement launches.

“We’re persevering with to see indicators of moderation within the property market,” Singapore’s Minister for Nationwide Improvement Desmond Lee wrote in a Fb put up after the figures have been launched. “We’ve additionally continued to extend housing provide to satisfy the demand.”

Singapore’s property frenzy has additionally reached the marketplace for public houses. An index of Housing & Improvement Board resale costs reached a brand new excessive within the second quarter, rising 1.4% from the earlier three months. That is the thirteenth straight quarter of good points.

A public housing unit was resold for a file S$1.5 million ($1.1 million) in June.

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