The Urban Redevelopment Authority (URA) residential price index has lagged Singapore’s nominal GDP since 2014, and three cooling measures have kept prices from surging in tandem with nominal GDP.
Rising income among residents, a growing number of marriages and highly liquid household wealth in Singapore will continue to drive demand for property, says Suan Teck Kin, research head at United Overseas Bank (UOB) Global Economics and Markets Research.
However, recent property cooling measures — three so far since December 2021 — are keeping prices from rising as quickly as Singapore’s nominal GDP, adds Suan, who is also executive director of UOB Global Economics and Markets Research. Nominal GDP is not adjusted for inflation.
