'Housing market has left overvalued territory': UBS expects home price growth to moderate, rents to fall

📆 9/24/2023 5:04 AM
📰 asiaonecom

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Singapore's private residential property market is now 'fairly valued', after price dynamics slowed in recent quarters, a recent UBS report said. Real prices have risen by 15 per cent since 2018, despite regulatory tightening, while rents have shot up by roughly 40 per cent in the same period, UBS said. But with cooling measures kicking in and tighter lending policies...

Singapore's private residential property market is now "fairly valued", after price dynamics slowed in recent quarters, a recent UBS report said.

"Despite strong demand for living space, the housing market has left overvalued territory and we newly classify it as fairly valued," UBS said. Investors will also need to keep a lookout for regulatory risks, UBS said, as the government has not ruled out rental market regulations in the future. A skilled service worker in Singapore needs an average 10 years of income to be able to buy a 650 sq ft flat near the city centre. Hong Kong workers fared the worst - it would take 22 times the average annual income.

The Republic is ranked 14 out of the cities surveyed, based on the number of years that a flat needs to be rented out to pay for the property.

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