Chart of the Day: Housing starts in Singapore are amongst slowest in Asia

They declined by more than 20% in almost a year.

This chart from S&P Global Ratings shows that housing starts in Singapore have been slowing down partly due to tight house price-cooling measures. Housing starts in Singapore (around -20% in 13 months) have been slow compared to the Asian countries S&P Global Ratings identified.

According to a report, housing starts in Singapore have slowed down to a moving average of nearly 1,000 by the end of September 2017 then only rose to 2,000 by the end of March 2018. The figure has been down from last year's estimate of 2,500.

In general, housing starts have slowed down across the region, except for Japan (with flat housing starts) and China (with a mild increase).

"Supply elasticities in Asia-Pacific remain low and should eventually respond to changes in house prices and the generally improved performance of housing transactions," said S&P Global economist Vishrut Rana.

In the meantime, housing transactions have expanded in Singapore as well as Hong Kong due to "strong" economic activity

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