A series of measures for the property market has recently been announced by Singapore. New initiatives were partially taken to respond to an increase of interest rates. In particular, lending limits for housing loans were tightened, which became a part of the response. There are also further steps of suppressing demand among the mentioned measures adopted for the property market.
As it was declared in a joint statement made on Thursday evening by the central bank of Singapore, the Ministry of National Development and the Housing & Development Board, the new steps are aimed at supporting “prudent borrowing” and preventing possible struggling in the future.
According to the words of OCBC specialist in economics Selena Ling, adoption of the new measures is a wise step, and it might help to lessen “any exuberance” while reducing the speed of price increasing.
She also stated that investors from other countries would be less affected by the adopted measures due to their higher adaptability to the current situation with the global interest rates or less dependence on loans.