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SINGAPORE: There is no justification for the new housing limitations given that the Singapore property market "is in the early stages of a recovery and that recovery is in line with economic fundamentals ", said the Real Estate Developers' Singapore Association. REDAS) on Friday (6 July).
The industry's statement came a day after the government announced new cooling measures for real estate
Among the brakes, an increase of 5 percentage points Customs duty rates for citizens and permanent residents (PRs) who purchase second and subsequent residences, as well as a 5 percentage point tightening for loan limits on value for all home loans made by financial institutions.
REDAS said that the real estate market has only begun to see its feelings improve in 2017 thanks to more optimistic forecasts for the year. Singapore's economy, which grew by 3.5% at the end of the year. 2017 and 4.4 percent in the first quarter of 2018.
He added that the volume of sales transactions is not high and in market expectations given that the real estate market is in the doldrums since 2013.
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