{"id":117842,"date":"2020-07-17T10:07:50","date_gmt":"2020-07-17T03:07:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-chief-sees-no-need-to-ease-property-cooling-measures\/"},"modified":"2020-07-17T11:03:47","modified_gmt":"2020-07-17T04:03:47","slug":"mas-chief-sees-no-need-to-ease-property-cooling-measures","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-chief-sees-no-need-to-ease-property-cooling-measures\/","title":{"rendered":"MAS chief sees no need to ease property cooling measures"},"content":{"rendered":"


\nThis comes as Singapore\u2019s property market has remained stable due to the previous property cooling measures as well as the temporary relief measures rolled out by the government.\u00a0
\nDespite the economic slowdown due to the COVID-19 pandemic, Monetary Authority of Singapore (MAS) Managing Director Ravi Menon believes there is no need to ease existing property cooling measures, reported TODAY.
\nThis comes as Singapore\u2019s property market has remained stable due to the previous property cooling measures as well as the temporary relief measures rolled out by the government to help developers and homebuyers affected by the pandemic.
\n\u201cThe adjustment of the property market has been modest. Property prices have moderated in an orderly manner in recent months,\u201d said Menon, as quoted by TODAY.
\n\u201cThe property cooling measures \u2014 progressively implemented over the last 10 years \u2014 have helped to temper price increases and bring prices more in line with underlying economic fundamentals.\u201d
\nThe government has progressively rolled out property cooling measures almost every year since 2009. In fact, the measures introduced in 2018 have effectively brought down huge price increases.
\nUrban Redevelopment Authority flash estimates showed that private residential property prices fell 1.1% in Q2 2020.
\nTo help developers whose projects were delayed due to COVID-19, the Ministry of National Development offered a six-month extension for them to complete their projects.
\nSingaporean married couples eyeing to claw back the 12% Additional Buyer\u2019s Stamp Duty when acquiring a new private home will also have a year, instead of six months, to dispose of their existing home.
\n\u201cThe stabilisation of the property market has substantially reduced its vulnerability to the COVID-19 shock. If property prices had been rising rapidly as we entered the COVID-19 crisis, we could have seen a sharp and painful correction,\u201d noted Menon.
\nRecommended article:\u00a0PropertyGuru Study: More Than Half of Singaporeans Feel Uncertain of Future Property Prices Due to COVID-19
\nWith this, MAS and other government agencies will continue to closely watch the market to ensure that private home prices remain in line with economic fundamentals, he said.
\nOn whether the increase in June\u2019s private home sales was a sign of a worrying trend, Menon said: \u201cFrankly, I don\u2019t know.\u201d
\n\u201cThere are people who think (prices) might go up, there are people who think it might go down. On balance, it\u2019s pretty much staying where it is. Month to month, you will see spikes, some of it is pent-up.\u201d
\nMenon added that authorities take a longer-term perspective on property market trends.
\n\u201cWe watch these trends very closely to see if they signify a persistent trend or pattern that might suggest a discontinuity, meaning a sharp collapse or a sudden surge. We need to now look at both possibilities and guard against it.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…MAS chief sees no need to ease property cooling measures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This comes as Singapore\u2019s property market has remained stable due to the previous property cooling...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-117842","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uEG","jetpack-related-posts":[{"id":21108,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-singapores-property-cooling-measures-wont-be-removed-anytime-soon\/","url_meta":{"origin":117842,"position":0},"title":"Why Singapore\u2019s property cooling measures won\u2019t be removed anytime soon","date":"July 27, 2016","format":false,"excerpt":"\r \u201cThere is still some way to go\u201d Is it the right time to remove the cooling measures in Singapore? It is not the right time to ease the property cooling measures, revealed the Monetary Authority of Singapore (MAS). \u201cThere is still some way to go, to entrench the gains\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/not-time-yet-to-lift-property-cooling-measures-mas\/","url_meta":{"origin":117842,"position":1},"title":"Not time yet to lift property cooling measures: MAS","date":"July 26, 2016","format":false,"excerpt":"\r Singapore\u2019s property cooling measures won\u2019t be removed anytime soon. 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The Monetary Authority of Singapore (MAS) will not ease the property cooling measures which have caused home prices to drop by almost 10 percent anytime soon, reported Bloomberg.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40874,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-market-stabilising-says-mas-chief\/","url_meta":{"origin":117842,"position":3},"title":"Property market stabilising, says MAS chief","date":"January 17, 2017","format":false,"excerpt":"\r Property prices in Singapore surged from 2009 to 2013, but have fallen by around 11 percent since then. The various property cooling measures rolled out by the government have been effective in stabilising Singapore\u2019s once soaring property market, reported CNBC citing the central bank\u2019s chief. From 2009 to 2013,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59338,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-remain-necessary-says-mas\/","url_meta":{"origin":117842,"position":4},"title":"Property cooling measures remain necessary, says MAS","date":"June 30, 2017","format":false,"excerpt":"\r \u00a0 The Monetary Authority of Singapore on Thursday (29 June) said the property cooling measures remain necessary given that the underlying demand for private residential properties continue to be firm amid a persistently low interest rate environment and foreign investors looking for good yields, reported Today Online. MAS managing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86412,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cooling-measures-in-hong-kong-and-singapore-what-works-what-doesnt\/","url_meta":{"origin":117842,"position":5},"title":"Cooling measures in Hong Kong and Singapore: what works, what doesn't","date":"April 25, 2018","format":false,"excerpt":"\r \u00a0 Governments in the two rival cities have poured icy water on their overheating housing markets, with contrasting results. By Duncan Forgan It would be fair to say that Singapore\u2019s famously stringent cooling measures haven\u2019t always made those inside the country\u2019s real estate sector feel warm and fuzzy.\u00a0 But\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/04\/cool-run-ins-singapore-compressor.jpg?fit=1000%2C666&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117842"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=117842"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117842\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=117842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=117842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=117842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}