Singapore Finance Minister Tharman Shanmugaratnam said he expects property prices to fall further,
three days after data showed home values in the city-state
dropped for a third consecutive quarter.
“I don’t think the cycle is over,” Shanmugaratnam said
today at a conference hosted by DBS Group Holdings Ltd. in
Singapore. “I think further correction would not be
The Singapore government has taken steps since 2009 to curb
speculation in the property market. An index tracking private
residential prices in Singapore fell 1.1 percent to 209.3 points
in the three months ended June 30, following a 1.3 percent
decline in the previous three-month period, according to
preliminary data released by the Urban Redevelopment Authority
on July 1.
Among measures introduced to cool the property market,
lenders must consider a borrower’s debt when granting mortgages,
the Monetary Authority of Singapore said in June, 2013. Home
loans should not lead to a borrower’s total debt-servicing ratio
rising above 60 percent of his or her income, it said.
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Khalid Qayum, Dick Schumacher
Singapore Property Prices Likely to Drop More: Finance Minister