SINGAPORE — Housing prices in Singapore are not expected to rise indefinitely as signs of moderation are being observed in the public and private housing markets, said National Development Minister Desmond Lee.
Mortgage rates are expected to remain high, which will have an impact on buyers and home owners, Mr Lee added in an interview with The Straits Times and Chinese daily Lianhe Zaobao on Dec 28.
We expect (interest rates) to remain high for longer, and the rates we see are between 3.7 per cent and 4.4 per cent, so that will have an impact, he said.
Amid muted prospects for Singapore s economy in 2024, many Singaporeans have been exercising a lot of prudence and care in this uncertain environment , Mr Lee said. He noted that major economies are expected to see slower growth in the midst of geopolitical tensions arising from the conflicts in the Middle East and Europe, for example.
Housing demand shot up during the Covid-19 pandemic, with the number of first-time Housing Board Build-To-Order (BTO) flat applicants rising by 80 per cent from 2020 to 2022, compared with 2017 to 2019.
Wednesday 17 April 2024
asiaone.com - 3 month ago
Now is not the time : Desmond Lee on lifting 15-month wait for private home owners to buy resale HDB
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