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While StanChart expects Singapore's expansion to cool to 2.6% next year, ANZ sees GDP growing as much as 3%
Singapore local housing market could still support Singapore's growth in 2019, despite the curbs unveiled this year, bank analysts said this week.
SINGAPORE — Residential property prices could begin bottoming out over the next few quarters, prompting a “moderate” recovery from 2018, but there would not be any easing of cooling measures until next year at the earliest, according to industry experts at a property market seminar organised by the Real Estate Developers’ Association (Redas) yesterday.
Depending on economic growth and other macroeconomic factors, said Dr Chua Yang Liang, head of research at South-east Asia at JLL, the potential recovery range is likely to be in line with gross domestic product growth, and driven largely by a pickup in the prime residential market.
SINGAPORE: Households across all income groups earned more last year, with those in the lowest 30 per cent and top 10 per cent seeing the fastest real income growth, according to official data released on Friday (Feb 26).
Based on the Department of Statistics' annual Key Household Income Trends survey, the median household income from work rose to S$8,666 last year, up S$374 from S$8,292 in 2014. This is an increase of 4.5 per cent in nominal terms, or an increase of 4.9 per cent in real terms, after accounting for inflation.
FITCH Ratings said in its latest Asia-Pacific Structured Finance Chart that Singapore's private residential property prices have fallen 8.2 per cent from its peak in September 2013.
The fall has mainly been driven by tighter policy controls aimed at cooling the housing market. Fitch believes if immigration rates remain low with vacancy rates and property supply remaining elevated, property prices will continue to soften.
Dramatic movements in global stock markets typically throw up the salient differences between equity investments and real estate.
Portfolio allocation to real estate has steadily risen since the Global Financial Crisis as investors seek to take advantage of the low correlation between the asset class and equity markets. Volatility in the global markets, in part caused by government monetary and fiscal policies, has increased the attraction of real estate as an investment.
