The red-hot property market of Singapore is in the news again. Worried that the property markets has become too hot for foreigners, Singapore has taken some steps these few months to try to cool it down.
No more. The Singapore government has came out to say that that's it. No further steps to cool down the booming property market is forthcoming. Too bad because I don't think enough has been done on the matter. Property prices in Singapore is still at their highest levels in about 10 years, there's still a strong demand and some very liberal payment schemes that allow buyers to make only a 10% deposit. Also, inflation just hit a 12-year high of 2.9 percent in August and consumer prices could potentially surge up to 5 percent in the first quarter of next year.
Put all these factors together and I do feel that more should be done to lower property prices. Afterall Singapore home prices rose more than 21 percent since the start of the year, and it hasn't come down yet. For most Singaporeans, upgrading has went from being an ambition to being a dream. And that I think is something the government must fix.