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Singapore’S Home Prices Need To Decline Further, Minister Says

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http://www.bloomberg.com/news/2014-10-29/singapore-s-home-prices-need-to-decline-further-minister-says.html

Singapore's longest stretch of property price declines since the global financial crisis may not be enough to prompt the city to ease its housing curbs.

“There is some distance to go in achieving a meaningful correction, after the sharp run-up in prices in recent years,” Tharman Shanmugaratnam, Singapore’s finance minister, said in a speech yesterday.

Singapore’s private home prices fell 0.7 percent in the three months ended September, the fourth quarter-on-quarter drop, bringing the slide in the past year to almost 4 percent. That’s the longest losing streak since 2009, when the government started housing curbs with some of the strictest measures implemented last year, including a cap on debt.

“The government is signaling that the measures will be in place for a while longer,” said Alan Cheong, senior director of real estate research at Savills in Singapore. “The curbs may start being rolled back after two to three quarters or maximum in a year.”

Clearly they don't have the dynamics of the UK housing market.

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But it's not possible. Spore is a tiny country with little land and major growth of population...

Lending again proven to be primary mover of prices.

Edited by Killer Bunny

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As a resident of Singapore, I hear a lot about the fall in house prices.

The prices are still crazy, but the government knows it and do something about it, due to popular (not rich expats) demand.

The main thing being that if you're not a citizen you CAN buy property but pay massive taxes.

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