New property cooling measures coming again?
January 24, 2025
“Singapore Govt ‘not averse’ to more property cooling measures if necessary: Desmond Lee” – that was the title of a Straits Times article published last Friday (Jan 17).
A few questions pop up in my mind:
– Were HDB property cooling measures effective?
– Did private property cooling measures work?
– Is new property curb a self-fulfilling prophecy?
– Do we want property prices to go up or down?
Were HDB property cooling measures effective?
National Development Minister Desmond Lee was replying to the media’s question whether the government’s efforts have addressed concerns over housing affordability over the past years.
Lee said the last round of property cooling measures was effective. After the implementation of the 15-month wait-out period, the number of private property downgraders paying high prices for HDB flats has dropped from 34 percent in the first nine months of 2022 to 12 percent in the first eleven months of 2024.
However, the new restriction of 15-month wait-out was only effective since October 2022. Taking into account a home’s average selling time of six months and another 15 months’ of waiting, it is understandable that private property downgraders couldn’t buy an HDB flat at least in the first half of 2024.... read more