Singapore’s Second Minister for Finance Lawrence Wong said in a Bloomberg TV interview that the government hasn’t “made any movement in the budget” to relax the property cooling measures because “demand remains very resilient” and “property volume in terms of transactions have increased and not decreased”.

Sacrificing housing affordability for foreign investment

Singapore private property prices have fallen only 3 percent in 2016 and a total of 11.2 percent from the last peak in the third quarter of 2013, after a surge of 92 percent since the bottom of 2003.

But compared with our counterpart in Hong Kong, home prices there have risen more than 150 percent since 2009 and 370 percent from the SARS period in 2003.

According to a recent study by Oxford Economics, Hong Kong has the most unaffordable housing in the world, followed by Mumbai, Beijing, Shanghai and London. Singapore takes the 7th place after Tokyo…