{"id":67556,"date":"2017-09-27T10:02:08","date_gmt":"2017-09-27T03:02:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-home-prices-have-hit-rock-bottom-bnp-paribas\/"},"modified":"2017-09-27T10:05:49","modified_gmt":"2017-09-27T03:05:49","slug":"spore-home-prices-have-hit-rock-bottom-bnp-paribas","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-home-prices-have-hit-rock-bottom-bnp-paribas\/","title":{"rendered":"S\u2019pore home prices have hit rock-bottom: BNP Paribas"},"content":{"rendered":"


\nHousing prices in the city-state are expected to rise by up to 15 percent in the next year.
\nMultinational bank BNP Paribas SA believes prices of residential properties in Singapore are set to recover as it has already hit rock-bottom, reported Bloomberg.
\nThe first stage in the price rebound is expected to be driven by \u201cvery significant\u201d income growth, said the company\u2019s Asia Pacific research head for financial institutions and property, Wee Liat Lee.
\nSEE ALSO: 49% of S\u2019poreans aspire to buy property in near future
\nGiven that property ownership as a percentage of household assets here is near a record low, he anticipates prices to increase by 10 percent to 15 percent in the next 12 to 15 months. In turn, this uptrend would attract foreign buyers, particularly those from China.
\nOn the other hand, Wee thinks that home prices in Hong Kong will continue to rise after it hit record highs earlier this year.
\n\u201cHong Kong has been a crazy market; prices will never come down,\u201d he noted.
\nPrices there would remain high due to a large accumulation of money that cannot be invested in overseas markets due to Beijing\u2019s capital control measures.
\n\u201cIf you\u2019re in a country where the physical amount of investable assets is really small, then the liquidity will squeeze the asset price very quickly,\u201d said Wee.
\nNevertheless, he thinks a property bubble is unlikely as most payments for properties are in cash. However, price growth could weaken if the government implements more stringent cooling measures to keep prices in check.
\nMeanwhile, data from BNP Paribas shows that Singapore homes have become more affordable in 2017, unlike those in Hong Kong.
\nIn fact, the city-state\u2019s house price-to-income ratio dropped from 12 times in the past decade to 10 times, or the lowest since 2009. Conversely, that in Hong Kong rose to 15 times from around 11 times.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…S\u2019pore home prices have hit rock-bottom: BNP Paribas<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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