{"id":120578,"date":"2021-07-01T00:52:42","date_gmt":"2021-06-30T17:52:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/authorities-highly-vigilant-of-property-prices-hikes-but-says-market-not-overheated\/"},"modified":"2021-07-18T17:03:17","modified_gmt":"2021-07-18T10:03:17","slug":"authorities-highly-vigilant-of-property-prices-hikes-but-says-market-not-overheated","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/authorities-highly-vigilant-of-property-prices-hikes-but-says-market-not-overheated\/","title":{"rendered":"Authorities \u2018highly vigilant\u2019 of property prices hikes, but says market not overheated"},"content":{"rendered":"


\nAuthorities \u2018highly vigilant\u2019 of property prices hikes, but says market not overheatedThe MAS, MND, URA are keeping close tabs on property price hikes, and will intervene before the market overheats.\u00a0
\nThe Monetary Authority of Singapore (MAS) said it is being \u201chighly vigilant\u201d of the continued increase in property prices and will intervene before the market overheats, reported TODAY.
\n\u201cMAS, together with MND (Ministry of National Development) and URA (Urban Redevelopment Authority) remain highly vigilant to the risk of a sustained increase in prices relative to income trends,\u201d said MAS Managing Director Ravi Menon during the media briefing of the MAS\u2019 annual report.
\nHe noted that while economic growth is yet to fully recover from the impact of the COVID-19 pandemic, property prices have already increased above their pre-pandemic levels.
\nSpecifically, nominal gross domestic product (GDP) shrank 8.2% last year, while the residential property price index climbed 1.6%.
\nFor the first quarter of 2021, nominal GDP remains 4% below its pre-pandemic levels, while the private property price index stood 5.6% above its pre-pandemic levels.
\nMenon explained that a prolonged divergence between incomes and housing prices is unsustainable.
\nOn whether the property market is on the \u201coverheating stage\u201d and if MAS plans to introduce cooling measures to curb further property price hikes, the MAS chief shared that he does not believe the market is overheated.
\n\u201cIf it\u2019s overheated, we\u2019ve not done our job well. The approach of the Government is to prevent the market from overheating,\u201d he noted as quoted by TODAY.
\nHe said MAS will \u201cnever tell in advance\u201d if it will roll out cooling measures since doing so would only defeat the purpose of the curbs.
\n\u201cSo stay tuned and just watch, and we hope the market will continue to remain stable and that we don\u2019t have to make any moves,\u201d he said.
\n\u201cOur goal is to make sure that the property market does not get ahead of underlying economic fundamentals\u2026 we\u2019ll continue to watch how the market moves from here onwards, before we make any judgements.\u201d
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Authorities \u2018highly vigilant\u2019 of property prices hikes, but says market not overheated<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Authorities \u2018highly vigilant\u2019 of property prices hikes, but says market not overheatedThe MAS, MND, URA...<\/p>\n","protected":false},"author":1,"featured_media":120579,"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-120578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Apartments-in-Robertson-Quay.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vmO","jetpack-related-posts":[{"id":23147,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/action-taken-against-44-illegal-short-term-rentals-mnd\/","url_meta":{"origin":120578,"position":0},"title":"Action taken against 44 illegal short-term rentals: MND","date":"August 17, 2016","format":false,"excerpt":"\r \u00a0Homeowners caught flouting the rules on short-term stays can be jailed for up to a year, or fined up to $20,000. 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