SINGAPORE: The Government announced on Thursday (Jul 5) that it is raising Additional Buyer Stamp Duty (ABSD) rates and tightening loan-to-value (LTV) limits on residential property purchases, in an effort to "cool the property market and keep price increases in line with economic fundamentals".
The move comes several days after official data showed that private home prices had risen to its
highest point in four years in the April to June quarter, with analysts predicting that prices could soon recover to 2013 peak levels."
WOW! This action is fast! Like a flash!!
I must declare that i hv no idea when i asked in last night post if MAS will announce new cooling measures or not!!
Obviously, the gov is concerned that the market is not seeing the incongruity between the prices n economics fundamentals.
Maybe the market is getting ahead of itself??
Whatever it is, this move supposedly triggered "panic buying" n achieved exactly the opposition! Hopefully it is just short term knee jerk responses n the prices WILL DROP once the NEW measures kicked in!!
As long as HDB flats r affordable to newly wed couples wanting to start a 3-kid family r widely available, MAS just need to ensure private properties prices r not built on an over extended bank loan regime!!
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