First, because of the high level of home ownership in Singapore and the relatively large share of real estate-related services in the economy, property prices influence a whole range of factors that determine the welfare of the average Singaporean.
SINGAPORE (May 22): After languishing for many years because of cooling measures enforced by the government, transaction volumes are rising and property prices are stabilising, encouraging hopes for a property market revival. The government’s tweaks to some of the macroprudential cooling measures have added to these hopes. But are they realistic?
The context: the insidious impact of property prices
Before we look into what might drive property prices in the future, it is useful to understand the manifold ways in which the property market affects Singaporeans and the historical context to the current property market.
