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Demand for private properties grow as prices continue to spike

Posted by temasektimes on August 16, 2012

Will young Singaporeans be able to afford a private property in their lifetime?

After a brief drop in June, demand for private residential properties in Singapore rebounded in July, according to data released by the Urban Redevelopment Authority (URA).

Figures showed that excluding Executive Condominiums (ECs), sales of private properties rose to 1,943 units last month, up nearly 42 per cent from June.

Despite a slew of cooling measures introduced lately, prices of private homes continue to grow, albeit at a slower rate.

The prices of Singapore properties have nearly doubled in the last ten years, fueled by rising demand from the relentless influx of foreigners as a result of the country’s ultra-liberal immigration policies.

Cash-rich foreigners from China, India and neighboring countries continue to invest their money in Singapore properties, leading to sky-rocketing prices at the expense of locals who are seeking to upgrade.



10 Responses to “Demand for private properties grow as prices continue to spike”

  1. Lim said

    They can’t afford to let property prices drop. So die die also must prop up by any means. The country makes it money from citizens and foreigners thru casinos, GST & inflated housing and services prices. They do not have Samsung or Apple. How to pay CPF back or give themselves high bonuses? So new billions, some of dubious origins, must be encouraged to pour in from people who do not want to pay their own countries’ heavy taxes. The doors must be kept wide open for foreigners to spend here, pour their monies here. This fuels property market – the banks make money, GST and COE all get a boost from the rich. And the musical Ponzi chair goes on until the music stops. A prick in property bubble, recession, sky-high inflation, increase unemployment, negative equity, stock market crash – social discontent will build up and they will lose their support. So you see why they can never let the property bubble burst?

  2. flying in your face said

    Not at my expense. When i sell off my hdb flat, I’ll make more than 100% profit. I’m more than happy, thanks to these Chinese, Indians and Indonesians. Buy within your means, and work hard at getting a job that can pay you enough to satisfy your greed. Stop complaining just because you’re too incompetent to look for ways to fulfil your life.

  3. IceOaks said

    And once you sell off your HDB flat for a profit, then where are you going to live? The problem is ur flat price might hve grown 100% but so has the other house you have been looking to move into.

  4. GodBlessSG said

    Just thinking out of the box….
    Actually the previous cooling measures serve more of supporting the property markets than anything else. For example, implementing the Seller Stamp Duties if you sell within 1 year, 2 year, etc. ( I cant remember the exact percentage), actually prevented the properties from falling because owners of existing private properties will hold on to their properties as long as possible.

    Just sharing…

  5. singaporean said

    the recent BTO exercise. there ard 4000 flats. Around 12000 applied.. so around 7000 appllication would be question, HDB has earned around $70000 from the admin fees alone , when one needs to pay to submit their interest in a BTO…so imagine how much HDB would have pocketed over the years. Why cant they refund the applicant..its may seem like a small amount if looking at it singularly…But as a whole….Gosh its astonishing..I tink if someone really were to go look into the history of the BTO from the last 5 yrs..its scary…tats our money going to waste…
    im speechless

  6. Wee Beng Tek said

    There is one way to stop – or at least slow – this ever-upward spiral. Let’s all lobby for the government to adopt what Australia – who despite their abundance of land – does.

    Put simply: foreign owners of Singapore property can only re-sell them to singapore citizens.

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