Recent cooling measures prove their worth as home prices outpace 2021 GDP growth

Private home prices surged 10.6 per cent while HDB resale prices jumped 12.5 per cent last year. ST PHOTO: LIM YAOHUI
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SINGAPORE - With double-digit gains in Singapore's private and public home prices last year outpacing the country's preliminary 2021 gross domestic product growth of 7.2 per cent, the latest property cooling measures are timely.

This is especially so as household debt increased by 6.8 per cent in absolute terms over the past year, and any steep correction in property prices could ripple across the economy.

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