The property curbs took its toll on private condo prices in the city-state.
Singapore placed ninth amongst countries which saw the highest increase in home prices in Q2, a study by Knight Frank revealed. The island-wide private condo prices in the city-state recorded a 9.3% increase YoY in Q2.
The Lion City was alongside Hong Kong amongst Asian cities that made it to the top 10 in terms of home price increase. For its part, Hong Kong placed second as private condo prices rose by 15.9% YoY in Q2.
According to Knight Frank, home prices in Singapore and Hong Kong, along with New Zealand, were hit by the new regulations imposed in the said countries over the last three months.
Back in July, Singapore raised the Additional Buyer’s Stamp Duty (ABSD) rates and tightened the Loan-to-Value (LTV) limits on home purchases in a move to cool down the market.
The study found that Malta saw the highest home price hikes as hikes were recorded at 16.9% YoY.
Do you know more about this story? Contact us anonymously through this link.