New Singapore rules to calm property market
The Singapore government has taken further steps to curb rising property prices and cool the market, after initial measures had only a minor effect on real estate buyers’ mood.
The new rules, effective from today, include stamp duty charges on all properties resold within four years of purchase (previously three), and individual investors servicing an existing loan will only be able to borrow 60% of the value of a new property (previously 70%). Corporate investors are restricted to 50%.
Singapore property prices reached record levels in 2010, with private home prices rising 17.6%. With liquidity in the sector still quite high and money coming in from overseas, the government feared an asset bubble. Hong Kong and China faced a similar situation, with their governments introducing even tougher measures to curb the excitement such as a 15% Hong Kong tax on properties held for less than six months.
source & article: Reuters via The Edge Property
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