{"id":36502,"date":"2016-11-30T10:35:09","date_gmt":"2016-11-30T03:35:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-remains-cautious-on-property-market\/"},"modified":"2016-11-30T10:49:29","modified_gmt":"2016-11-30T03:49:29","slug":"mas-remains-cautious-on-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-remains-cautious-on-property-market\/","title":{"rendered":"MAS remains cautious on property market"},"content":{"rendered":"


\nVacancy rates have been rising and reached 8.7 percent last quarter, noted the central bank.
\nThe Monetary Authority of Singapore (MAS) remains cautious on the property market outlook, given that demand-supply dynamics may drag down the market, coupled with rising vacancy rates and softer economic and labour market conditions.
\nIn its latest Financial Stability Review (FSR), Singapore\u2019s central bank noted that the vacancy rate for private homes hit a high of 8.7 percent in the third quarter of 2016, up from 7.8 percent a year ago. Notably, 43,693 new units are projected to come on stream within the next five years.
\n\u201cThe majority of these units have already been sold, with the number of unsold units at a historical low of 20,577 as of Q3 2016.
\n\u201cAssuming a take-up rate of new units equal to that seen in the preceding four quarters, it would take an estimated 2.8 years to clear the pipeline supply of unsold units, which is slightly below the long-term average of around three years,\u201d noted the MAS.
\nIn addition, it warned that rentals have fallen alongside the increase in vacancy rates, dropping by 10.7 percent since Q3 2013.
\n\u201cRising vacancy rates and declining rentals mean that potential investors may not always be able to rely on rental income to service their investment property loans,\u201d said the MAS.
\nMeanwhile, private home prices across the city-state continue to decline, down by 10.8 percent from their peak in Q3 2013.
\nHome sales have also fallen, but the MAS noted that transaction levels have remained stable in the last three years. An average of 1,389 transactions were recorded in the first 10 months of 2016, compared to 1,210 over the same period last year.
\nAccording to the MAS, housing demand has been supported by low interest rates.
\n\u201cCurrent low interest rates have kept a lid on the holding cost of property units for both owner-occupiers and investors. The three-month SGD SIBOR, which is commonly used as the reference rate for housing loans, has remained low at 0.9 percent in November 2016. This has contributed to the steady demand for private residential property,\u201d said the MAS.
\nMoving forward, the central bank said it will continue to monitor market conditions. \u201c(The) MAS remains vigilant in monitoring property market developments and, if necessary, will take appropriate measures to maintain a stable and sustainable market.\u201d
\nRead the full report here.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…MAS remains cautious on property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Vacancy rates have been rising and reached 8.7 percent last quarter, noted the central bank....<\/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-36502","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\/p75ss1-9uK","jetpack-related-posts":[{"id":43023,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-vacancy-rate-remains-high\/","url_meta":{"origin":36502,"position":0},"title":"Residential vacancy rate remains high","date":"February 6, 2017","format":false,"excerpt":"\r The high vacancy rates are due to the huge supply of new homes and continued muted leasing interest. The overall vacancy rate of private residential properties in Singapore remains high due to a myriad of factors, one of which is the significant number of new completions, reported the Straits\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":72505,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-to-acquire-more-residential-sites\/","url_meta":{"origin":36502,"position":1},"title":"Developers to acquire more residential sites","date":"November 22, 2017","format":false,"excerpt":"\r At least 13 housing site tenders are expected to close for the remainder of the year, reported Singapore Business Review, citing a report from Maybank Kim Eng. 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The stock of private\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64491,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-no-ones-home\/","url_meta":{"origin":36502,"position":3},"title":"Get the Guru View: No one\u2019s home","date":"August 24, 2017","format":false,"excerpt":"\r Vacancy rates in the Core Central Region have recovered somewhat since crossing the 10 percent mark, but remain elevated. When examining the rental market, the vacancy rate is often overlooked. 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