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Singapore housing curbs won't cool prices, says Morgan Stanley

Source: The Business Times

Parc Botannia

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According to Morgan Stanley, the prices of homes in Singapore has the tendency to rise as much as 10% at the end of next year and there is every chance that they can double by 2030 due to the speed at which income growth overpowered the recent property curbs and higher interest rates.

Morgan Stanley said the prices of homes experienced an increase in 4 out of the 5 previous rises in price rate cycles.

The bullish results which were a sequel to the most recent property curbs made the analysts go back to the previous year’s forecast that there would be a doubling in the prices of homes at the end of the next decade.

According to Wilson Ng and his colleagues, “Contrary to common perception, we believe housing supply/demand dynamics remain favourable, and we anticipate a wave of capital inflows into the housing market,” and “Housing supply is still below historical averages and set to fall.” Parc Botannia, a fernvale condo, is one such development that is launched to create housing supply for the future.

Emphasis has been laid by the government on the aim of the property curbs which is sustainable growth and price stability as a function of economic fundamentals. Morgan Stanley wants the application of policy interventions to up-cycles and down-circles. Hence, if there is a decline in the prices, the government can ease off the reins of some of the property curbs. In light of this, eight rounds of policy tightening was rolled out by the government for the house market, due to the fact that there was a 60% surge in home prices from 2009 to 2013. Seller stamp duties got removed partially in 2017, prior to dealing with curbs in2018. This move would ensure that most of the measures gotten from the tightening circle would remain intact, and thus leave a wider toolkit that will enhance the housing market.

This will also help maintain the relevance of Singapore in the global landscape as a global hub, which will serve as a way to attract capital into the property market. Some Analysts are of the opinion that with the execution of major projects like the addition of a new terminal at the Changi Airport, there is an obvious move by the government to promote the competitive edge Singapore has as an active global city that will attract foreign investors and capital.

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