PROPERTY PRICES HAVE STABILISED
Home prices have stabilised after four rounds of measures aimed at cooling the real estate market, according to a senior government official.
Peter Ong, Permanent Secretary at the Ministry of Finance, said that property prices “have sort of stabilised”, during a conference on East Asian development.
His remarks indicate government authorities may not introduce new property measures anytime soon, despite the still-high business volumes and insistent bids by property developers at government land sales.
Private home prices surged 17.6 percent in 2010, despite efforts to curb the market in February and August of that year.
Resale prices of HDB flats, which house more than 80 percent of the population, surged 14 percent.
The recent measures comprise tougher borrowing restrictions and a large seller’s stamp duty (
SSD) of 16 percent of the selling price for those who purchase and sell within 12 months.
Info courtesy : - PropertyGuru.com.sg