SINGAPORE — The number of unsold private homes in Singapore is increasing and with more launches coming up, the Monetary Authority of Singapore (MAS) has warned that a potential oversupply of unsold units could put pressure on the property market.
In its financial stability review released on Thursday (Nov 28), the central bank said that the increase in unsold units could bring down the prices of private residential property if the demand does not rise correspondingly.
While this may be good news for homebuyers, MAS warned the public to be mindful of any big-ticket-item purchase as wage growth is expected to slow down this year and in 2020, given the uncertain economic outlook and a weaker labour market.
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Drop in transaction volume
Foreigners for prime developments
Increased in number of unsold private homes
Key determinant of household financial vulnerabilities
Mass market properties
Property prices in line with Singapore economic fundamentals
Slow down in wage increase
Sluggish economic growth
Total Household Debt
Uncertain economic outlook
Weaker labour market