The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20151.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance (excluding ECs):
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The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20151.
Private residential market at a glance (excluding ECs):
Prices have to fall by 10% first.
The sales drought will continue for Singapore’s residential developers, as the country’s stringent property cooling measures aren’t expected to ease anytime soon.
According to Barclays, the relaxation of property cooling measures would be premature, despite the continuous softening in property prices, even though year-to-date developer sales have declined 54% y/y.
Home prices in Singapore will probably extend declines as the government sticks with curbs, according to Keppel Land, signaling further losses for Asia’s second-most expensive housing market.
“Home prices are expected to continue to moderate,” chief executive Ang Wee Gee said at a results briefing on Wednesday. “Singapore is unlikely to relax property-cooling measures in the short term.”
Prime residential property prices in Singapore saw the sharpest decline over the past year out of the 32 cities profiled in Knight Frank's latest Prime global Cities Index.
Prices fell 7.7 percent in the 12 months to June 14, the index showed, with much of the declines taking place recently as Singapore prices fell 6.4 percent in the three months to June 14.
RESALE prices and rents for private homes both tumbled to fresh lows last month as the property market slowdown deepened.
The declines underscore a downward trend that has been evident in the residential market since tougher cooling measures and home loan restrictions were rolled out last year, and consultants believe the gloom is unlikely to lift any time soon.
Home prices are likely to fall further before the government rolls back the property cooling measures which were imposed since 2009, according to Standard Chartered in media reports.
“You would start to take away some of these measures if price growth reaches a certain level of equilibrium,” said the bank’s CEO for ASEAN, Lim Cheng Teck. However, he believes this is not the case yet.
Chesterton Singapore’s Managing Director Donald Han also holds a similar view: “It’s still too early to remove curbs. The government will monitor but their fingers won’t be pressing any buttons at this point in time.”
On Feb 10, 2014, the Monetary Authority of Singapore (MAS) announced some exemptions that would please owners having difficulties refinancing older properties due to the TDSR measures. In their press release entitled, "MAS Broadens Exemption from TDSR Threshold for Refinancing of Owner-Occupied Residential Properties Purchased before the Implementation of TDSR Rules", it was announced that some exemptions will be allowed for owner occupied and investment properties.
The Monetary Authority of Singapore (MAS) has widened the existing exemptions from the Total Debt Servicing Ratio (TDSR) to cover the refinancing of loans for owner-occupied properties that were bought before the measure was introduced last year.
In a statement, the MAS said it had received feedback from borrowers who have faced challenges refinancing such loans.
Under the revised rules, a borrower who bought a residential property before the TDSR rules were introduced will be exempted from the TDSR threshold as long as the buyer occupies the home that is being refinanced.