Singapore’s private home prices climbed 2.7 percent to a record level in the fourth quarter last year as the nation’s fastest economic growth since independence helped offset government measures to cool the market.
The home-price index climbed to 194.8 points from 189.6 in the three months ended Sept. 30, the Urban Redevelopment Authority said in an e-mailed statement yesterday. That’s the sixth quarter-on-quarter advance.
Singapore in August increased down payments for second mortgages and imposed a stamp duty on property held for less than three years to curb speculation. Housing sales increased as economic growth rebounded in the last quarter, capping the biggest annual increase since 1965.
“There’s also a lot of liquidity with low interest rates and the expectation that rates will remain low,” said Nicholas Mak, head of research at SLP International Property Consultants Pte in Singapore. “I don’t see any factors that will cause a U-turn in price trends.”
The gain in fourth-quarter home prices was the smallest in six quarters, government data showed.
Mak, who forecasts prices may climb 10 percent to 15 percent this year, said he doesn’t expect more government measures as long as quarter-on-quarter increases are capped at 3 percent.
Earlier measures were introduced after home prices climbed 11 percent in six months, translating to a full-year gain of 22 percent, he said, indicating an asset bubble.
Singapore was likely the world’s second-fastest growing economy last year after a 14.7 annual expansion.
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