Singapore Property Market Crash Unlikely
Singapore Property Market Crash Unlikely
On 3 July, Singapore Deputy Pm Tharman Shanmugaratnam, that is also Finance Minister and chairman from the Monetary Authority of Singapore, announced that despite declining property prices, a home market crash is unlikely in Singapore. This, he added, is due to the cooling measures first introduced last year by the Singaporean Government, made to quell potential housing bubbles. SG Property
These comments succeeded the URA's (Urban Redevelopment Authority) preliminary launch of data, which showed private home prices declining for the third consecutive quarter. Simultaneously, other measures introduced in 2013, such as the TDSR (Total Servicing Debt Ratio), were shown to keep curbing housing marketplace appetite and forcing developers to lower prices, as evidenced through the 2.3 % fall in private residential home values within the first 1 / 2 of 2013.
On the DBS Asian Insights Conference, Deputy Pm Tharman Shanmugaratnam stated, "I don't believe the (property) cycle has ended. The marketplace determines the cycle as well as the Government has put in place rules and stamp duties. We've also pumped in the lot of supply in to the market. But market players determines where the cycle goes. So, we started early, moved detail by detail and avoided an enormous bubble in the market. This is exactly why we will never view a crash. But I think further correction will not be unexpected."
During the conference, the Deputy Prime Minister urged Singaporeans to maintain their focus on productivity increase and economic restructuring, noting that the requirement for change from an "upper-middle-income economy" to a "truly advanced economy" isn't just reliant on "dictating wages." Furthermore, he reminded the country the emerging investing opportunities, combined with the ingenuity and entrepreneurial skills of Singaporeans really should not be wasted or underestimated. Singapore Property
Mr. Tharman also proved progressive when he added, "It doesn't happen quickly, often it occur in spurts, however i believe if we stay on course - keep the labour market tight (and) provide strong incentives for companies to upgrade - then entrepreneurs should come forward and a few firms will innovate in ways that will eliminate competitors. That's when productivity really changes."
In conclusion the function from the Singaporean Government within the changes he wanted, the Deputy Pm added how the Government is the one to give you the problems that are created to both encourage the economic restructuring and reward the winners, even in the big event there will probably be loss in companies or industries.
On 3 July, Singapore Deputy Pm Tharman Shanmugaratnam, that is also Finance Minister and chairman from the Monetary Authority of Singapore, announced that despite declining property prices, a home market crash is unlikely in Singapore. This, he added, is due to the cooling measures first introduced last year by the Singaporean Government, made to quell potential housing bubbles. SG Property
These comments succeeded the URA's (Urban Redevelopment Authority) preliminary launch of data, which showed private home prices declining for the third consecutive quarter. Simultaneously, other measures introduced in 2013, such as the TDSR (Total Servicing Debt Ratio), were shown to keep curbing housing marketplace appetite and forcing developers to lower prices, as evidenced through the 2.3 % fall in private residential home values within the first 1 / 2 of 2013.
On the DBS Asian Insights Conference, Deputy Pm Tharman Shanmugaratnam stated, "I don't believe the (property) cycle has ended. The marketplace determines the cycle as well as the Government has put in place rules and stamp duties. We've also pumped in the lot of supply in to the market. But market players determines where the cycle goes. So, we started early, moved detail by detail and avoided an enormous bubble in the market. This is exactly why we will never view a crash. But I think further correction will not be unexpected."
During the conference, the Deputy Prime Minister urged Singaporeans to maintain their focus on productivity increase and economic restructuring, noting that the requirement for change from an "upper-middle-income economy" to a "truly advanced economy" isn't just reliant on "dictating wages." Furthermore, he reminded the country the emerging investing opportunities, combined with the ingenuity and entrepreneurial skills of Singaporeans really should not be wasted or underestimated. Singapore Property
Mr. Tharman also proved progressive when he added, "It doesn't happen quickly, often it occur in spurts, however i believe if we stay on course - keep the labour market tight (and) provide strong incentives for companies to upgrade - then entrepreneurs should come forward and a few firms will innovate in ways that will eliminate competitors. That's when productivity really changes."
In conclusion the function from the Singaporean Government within the changes he wanted, the Deputy Pm added how the Government is the one to give you the problems that are created to both encourage the economic restructuring and reward the winners, even in the big event there will probably be loss in companies or industries.