Rising rates hit prices worldwide but S'pore property market expected to be resilient

Moves by central banks to raise interest rates are fuelling sharp downturns in housing markets. PHOTO: ST FILE
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SINGAPORE - Moves by central banks around the world to raise interest rates to tame inflation are already fuelling sharp downturns in housing markets as buyers turn cautious in the wake of costlier mortgages.

Research consultancy Capital Economics said house prices will fall by 20 per cent in Canada and New Zealand, by 15 per cent in Australia and by 10 to 15 per cent in Sweden - all nations that have experienced interest rate rises of late.

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