This follows a “confluence of factors” including a strong upturn in external demand, low interest rates due to accommodative global monetary conditions and a broader recovery from the pandemic.
Singapore’s buoyant property market has seemingly triggered slightly higher debt levels amongst households, as compared to pre-pandemic levels.
The republic’s private property has been very hot, with new private home sales in the first 10 months of the year surpassing full-year sales in 2018, 2019 and 2020, data from the Urban Redevelopment Authority reveals.
