• “Interest rate hikes do not seem to have a significant impact on new home sales”.

PETALING JAYA (Sept 14): Nearly six in 10 people living in Singapore “who want to rent or buy” said they find property becoming more unaffordable.

This is according to a report by Bloomberg today based on a poll of 790 residents carried out in July by 99 Group. The latter operates online home rental portals.

“Interest rate hikes do not seem to have a significant impact on new home sales” in Singapore, Christine Sun, senior vice-president of research & analytics at OrangeTee & Tie Pte, told Bloomberg. Property prices are “more supply-driven rather than sentiment-driven”, she added.

The report also revealed that property price rises “are fueled by a shortage in supply due to construction setbacks during the Covid-19 pandemic, and demand spikes from people looking for upgrades and an influx of well-to-do foreigners”.  

Meanwhile, Alan Cheong, executive director of research at Savills Plc, said that “wealthy locals and high-earners moving to the city-state are pushing up prices”.

Rent in the island republic reportedly “surged the most among 30 cities globally in the first half, tying with New York”.

The news wire also stated that “condominium resale prices rose for 25 consecutive months as of August” based on estimates by SRX, a portal run by 99 Group.  

Meanwhile, the price rises have also impacted public housing with “some government-subsidized flats fetching price tags of more than S$1 million (RM3.25 million)", according to the same report.

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