Sunday, July 15, 2007

Runaway property market in Singapore

If you have the slightest knowlegde of the Singapore property market, you will know that market has went into space in the past 2 and a half years. As I have stated earlier in my blog, the main reason for this is the property buying by foreigners who has set up homes in Singapore.

So it was of little surprise for me when I read that the number of applications by foreigners (including permanent residents) seeking approval from the government to buy landed properties in Singapore rose 30 per cent in 2006 against the preceding year. With how things are going in 2007, that number will again this year.

What I can't understand is why people believe that the Singapore government should make it even easier for foreigners to buy property in Singapore? Look at those numbers! Does it look like property agents need any help to sell houses to foreigners? Isn't the property market hot enough for you?

If anything, I say the government should look for ways to cool down the runaway property market. Normal Singaporeans already have no chance of owning a condo now without putting themselves in debt for the next 20-30 years. Even that might not be enough if the market countinue its rocket-like rise so far this year.

HDB flats are the best Singaporeans can hope for, anything else is out of reach and the distance is getting worse. Is that the what you want for Singapore? Forget about lending a hand to the property market I say, cool it down.

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