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Analysts expect property prices in Singapore to decline by as much as 30 percent next year, due to the new measures implemented by the government to rein in the market.
The move could lead to a chilling replay of what occurred during the global financial crisis in 2008 and 2009, when home prices dropped 25 percent in over 12 months.
The warnings were given yesterday, amid reports on the unexpected latest measures by the government, which require foreigners to pay a 10 percent additional buyer’s stamp duty when acquiring private homes in the country.
Meanwhile, first-time Singaporean buyers and upgraders, as well as HDB flat buyers, will not be affected by the new measures.
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Luxury developers to be greatly affected by new measures
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December 2011 Property News
- Increase in industrial land supply to lower prices, rents
- Government identifies new SERS site
- Increase in industrial land supply to lower prices, rents
- Malls see increased takings over Christmas period
- FEO's The Tennery sold out
- Malls see increased takings over Christmas period
- East Coast residents' requests on relocation site under review
- Global investor confidence down in December
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- Ten Mile Junction station resumes operations
Reader Comments: (6 comments)
Our real estate mkt is fully controlled by the Govt,HDB and URA and they will never allow prices to dip. Invest in SG property anytime, keep a min 5-10 yr time-frame, make atleast 30% profit. Singapore Guarantee.
Agreed. I predict that it will only have a small "blip" in the price. Once a correction occurs, those on the sideline will start rushing in again n push back the price.
Narayan Venkataraman, u r naive, even no such gov measure, the price will drop at lease 20%, looking around the world,hehe.
Wrong. There is no analysis. Only an unsubstantiated statement. I've wasted enough time.
Agree and the the top end buyers are less price sensitive.
Flawed analysis. Property Prices will not drop because of these measure, as they are targeted at only less than 5% of the total transacted homes in Singapore. Do you think this 5% dictate the market direction? Most ridiculous analysis.