Uncertain economic outlook, unsold supply may weigh on private home market: MAS

SINGAPORE - Prospective homebuyers should be mindful of risks and remain prudent before entering into long-term decisions like buying a property and taking on a mortgage, the Monetary Authority of Singapore said on Thursday .

The cooling measures introduced in July 2018 have led to a moderated the private residential property market, MAS noted in its annual Financial Stability Review. Compared to the first half of 2018, private housing prices have moved more in line with economic fundamentals, overall transaction volume has dropped and developers are more cautious when bidding for land.

Quarter-on-quarter , prices rose by 1.3 per cent, at a slower pace compared to the q-o-q increase of 1.5 per cent in Q2 2019. MAS also said that the share of purchases by companies and foreigners remained stable, accounting for 1-2 per cent and 5-6 per cent of total transactions respectively over the past three quarters.

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