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Wednesday, February 22, 2012

S’pore house prices to drop in next 6 months

SINGAPORE: PropertyGuru, Singapore’s leading property site, revealed its fourth quarter 2011 survey results on the property market sentiment in Singapore.

The survey indicates that home buyers and investors expect the new government measures to lower the cost of property, compared to third quarter 2011.

Largely due to the impact of ABSD (Additional Buyer’s Stamp Duty), 52% believe that property prices will decrease in the next six months.

The government has imposed an ABSD for private property of between 3% and 10% for Singaporeans, Permanent Residents and foreigners to moderate investment demand for private residential property and promote a more stable and sustainable market since Dec 8, 2011.

Rentals were also expected to fall in the same period as a reaction to the availability of future supply.

By Bernama

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