HOUSING/PROPERTY | YEARENDER

Look back 2018: Property - Year of ups & downs

An artist’s impression of the flats to be built in Plantation Grove, the first of five housing districts in the new Tengah town.
An artist’s impression of the flats to be built in Plantation Grove, the first of five housing districts in the new Tengah town. PHOTO: HDB

It was a roller-coaster year for the Singapore property market, with the first half riding up to the top. Collective sales were so buoyant and private home prices rebounded so strongly that analysts predicted a new price peak by the end of the year.

But the party ended on July 6, with unexpected cooling measures preventing any bubble from forming and stabilised prices to come in line with income growth and economic fundamentals. The move had an immediate effect and proved timely as interest rates rose, trade tensions weighed on global growth and a supply of more new homes is anticipated next year. The public housing market had welcome news when Prime Minister Lee Hsien Loong announced in August new schemes to boost the value of older Housing Board flats.

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A version of this article appeared in the print edition of The Straits Times on December 20, 2018, with the headline 'Property: Year of ups & downs'. Print Edition | Subscribe