for Residential Property Market
Just last Friday in Singapore, the Government announced the seventh round of property cooling measures in the past three years, targeted to prevent possibilities of property price bubbles, discourage speculative activity and strengthen the policy intent of public housing and executive condominiums. Also, it introduced a Seller’s Stamp Duty on industrial properties for the first time, to avoid short-term speculative activity that could distort prices and raise costs of businesses.
In the past, while the cooling measures have successfully dampened speculative buying, the demand for residential property remains strong and has continued to rise over the years. Singapore’s extreme low interest rate environment and steady income growth are factors that have contributed to the resilience of Singapore’s property market, resulting in a record level of housing transactions in 2012, driven mainly by investment demand.
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