surging singapore
News Posted On: 05 October 2009
Reuters reported that government data shows Singapore home prices surged 15.9 percent this quarter, the biggest jump in a decade.
Rising house prices in Asia, helped by record low interest rates, have worried economists, leading to speculation that Asian economies may have to tighten monetary policy. It is quite remarkable that so soon after the world economy was staring into the abyss we are are worrying again about bubbles. Nevertheless Singapore last month took steps to cool property speculation by increasing the supply land and making it somewhat harder for home buyers to raise additional finance.
Singapore home prices started rising in the second quarter of this year. Crowds have been snapping up units at new residential launches and there are reports of buyers queuing for hours and actually leaving blank cheques with agents to secure properties.
Vishnu Varathan, an economist at 4CAST in Singapore, said "Policymakers will be acutely aware of the risks of tightening too fast...At this point I think they will wait and see."
Some analysts think rising house prices in Singapore, Hong Kong and China are yet to peak. It is not only the economic recovery that is pushing up prices, population is also increasing. Singapore intends to encourage immigration putting further pressure on limited resources..
'For a small country like Singapore, acquiring and nurturing human talent is a matter of survival,' Prime Minister Lee Hsien Loong said in a speech on Tuesday.
Singapore's population is rapidly approaching the 5 million mark, one quarter of which is made up of foreign workers, as the Asian economy recovers faster than expected. Non-residents in this financial and mercantile hotspot, ranging from bankers to hotel staff, climbed nearly five percent in 2009. This rate of increase will have to be slowed if the government wants to meet its target of immigrant population growth of 35 percent over the next 40-50 years.
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Surging Singapore
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Reuters reported today thatgovernment data shows Singaporehome prices surged 15.9 percent this quart.....