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Singapore housing glut won't cause dip in prices: report

09-14-2011 13:37 BJT

SINGAPORE, Sept. 14 (Xinhua) -- New immigrants will continue to support the demand in Singapore property market and prevent prices from falling even when the supplies surge as expected over the next couple of years, a property expert has said.

Local media on Wednesday quoted Chua Yang Liang, head of research at Jones Lang LaSalle (JLL) Southeast Asia as saying that the non-resident population grew by 7 percent per annum over the past decade, far outpacing the housing supply growth of 2.1 percent, leading to rising home prices.

Prices of private properties and government-built flats in Singapore have risen considerably over the past two years since the economy rebounded from the low in the global financial and economic crisis. The new cabinet has said it will significantly increase the supply in the real estate market over the coming years by 2015.

Chua said that he expected the demand to stay strong and that the equilibrium could come in 2015 when there is about 50,000 units of new supplies to the market each year in 2014-15.

Nevertheless, he said home prices could fall if there is an economic downturn, given that past trends show that Singapore prices are driven largely by sentiment and not stock levels alone.

The flow of new homes might slow the gain in the Urban Redevelopment Authority's property price index to about an average of 1.8 percent to 7.5 percent a year from now until 2015, depending on immigration inflow, he said.

 

Editor:Zhang Rui |Source: Xinhua

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