Economics
Singapore No Place for Speculators as Home Stability Goals Met
- Wong says curbs in 2018 effectively damped real estate market
- Luxury home prices dropped 2.9% in the first quarter
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Almost a year after intervening to stem soaring property prices, Singapore has done what it set out to do and stabilized the property cycle, Minister for National Development Lawrence Wong said.
“The property market last year, before the cooling measures were put in place, we saw prices rising very sharply,” Wong said in an interview with Bloomberg Television on Thursday. “There was a very real risk that prices would outpace fundamentals, and I think if that had happened then eventually it would lead to a destabilizing correction and I think everybody would be worse off.”