Unabated housing price hikes hurting first time buyers

Affordability now a concern given Singapore market's "huge" price growth, says Knight Frank.

"The market for first time buyers is tough, with real issues of affordability for those wishing to get on the first rungs of the property ladder," according to Knight Frank's latest Asia Pacific Residential Review.

"New home sales volumes hit all an all-time record year to date in 2012, with prices continuing to edge up on a quarterly basis. Given the huge price growth that the city state has seen over the last few years, and ongoing fear of asset bubbles, the government has introduced a sixth round of cooling measures, which have tightening lending restrictions," said Knight Frank.

"With inflation significant and therefore real interest rates negative however, there is still a real incentive to put money in property. The low mortgage rates have helped facilitate this. Looking further than domestic (and PR) demand, there is also the status of Singapore as a “safe haven” which has attracted huge amounts of capital into the market from around Asia. This is part of a bigger phenomenon we are witnessing; the huge increase in wealth all around the world which seems to be concentrating itself in certain global cities," it added.

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