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Property sector curbs
By Alex Kennedy |
August 31, 2010, Tuesday
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Print Edition
Print Edition
SINGAPORE moved yesterday to discourage short-term speculative real estate investing as property prices soar to record highs amid a rapid economic recovery.
Bank loans for second homes will now be limited to a maximum of 70 percent of the value of the property, down from 80 percent previously, the national development ministry said. The government will also impose a tax on houses sold within three years of purchase, up from one year.
"The property market is currently very buoyant," the ministry said in a statement. "The government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers."
Private residential property prices rose 11 percent in the first half, the ministry said.
The increase was fueled by an economy that expanded 18 percent in the first half as manufacturing rebounded from last year's global recession.
Prices of public housing, where 80 percent of Singaporeans live, have risen five straight quarters to record highs.
"The frothy sentiment has spread to the public housing market," said Wai Ho Leong, an analyst with Barclays Capital.
Leong said a surge in residential units planned and under construction will boost supply and help dampen prices.
The low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate global quality-of-life surveys and attracted investors to the residential and office property markets.
The government earlier this year imposed a 1-3 percent tax on residential properties sold within one year of purchase.
Bank loans for second homes will now be limited to a maximum of 70 percent of the value of the property, down from 80 percent previously, the national development ministry said. The government will also impose a tax on houses sold within three years of purchase, up from one year.
"The property market is currently very buoyant," the ministry said in a statement. "The government has decided to introduce additional measures now to temper sentiments and encourage greater financial prudence among property purchasers."
Private residential property prices rose 11 percent in the first half, the ministry said.
The increase was fueled by an economy that expanded 18 percent in the first half as manufacturing rebounded from last year's global recession.
Prices of public housing, where 80 percent of Singaporeans live, have risen five straight quarters to record highs.
"The frothy sentiment has spread to the public housing market," said Wai Ho Leong, an analyst with Barclays Capital.
Leong said a surge in residential units planned and under construction will boost supply and help dampen prices.
The low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate global quality-of-life surveys and attracted investors to the residential and office property markets.
The government earlier this year imposed a 1-3 percent tax on residential properties sold within one year of purchase.
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