S'PORE HOUSEHOLDS MORE RESILIENT TO ECONOMIC CRISIS
Singaporean households are more resilient and can weather the uncertain global economy.
The Monetary Authority of Singapore (MAS ), in its Financial Stability Review for November, revealed that household capital was driven by rising property prices.
The “broad-based growth of the Singapore economy has underpinned the recovery of the property market in the past three years, as household net wealth continued to improve from its trough” in Q1 2009, it said.
Household net wealth, which refers to household assets less household debt, hit S$1,247 billion in Q2, around 27 percent higher compared with Q2 2008. Meanwhile, property holdings climbed 13.4 percent to S$738 billion in Q3 this year.
The increase was “largely due to the higher value of property holdings as the property market continued on an upward trend”, said the MAS .
Info courtesy - PropertyGuru
