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The government has a “rough idea” on when to revise the property cooling measures, “but that doesn’t mean that we announce it”, said Home Affairs and Law Minister K. Shanmugam.
Speaking to over 2,000 property agents at an ERA Realty conference on Wednesday (3 Feb), the minister said such a decision would be made by the National Development and Finance ministers when they assess the risks to be “less or manageable”.
After another year of subdued home buying activity, property analysts warned that the Republic’s private residential property market may be in for tougher times in 2016 as the lacklustre economic environment is likely to depress sentiment further.
Adding to the woes is the United States Federal Reserve’s decision to start normalising interest rates, which is expected to keep prospective buyers on the sidelines as they adjust to the new reality. That, coupled with existing property curbs, could cause prices to fall by up to 8 per cent in the next 12 months, analysts told TODAY.
