26 Jul '13, 1am

Singapore home prices climb to record as loan curbs imposed

Singapore home prices climbed to a record in the second quarter as gains in suburban housing values accelerated, prompting the government to implement new measures on property loans. The island-state’s private residential property price index rose 1 percent to 215.4 points in the three months ended June 30, extending a 0.6 percent increase in the first quarter, according to revised figures released by the Urban Redevelopment Authority today. The pace of gains in prices in the suburbs more than doubled from the previous three months. Record home prices amid low interest rates raised concerns of a housing bubble and prompted the government to widen a four-year campaign to curb speculation in Asia ’s second-most expensive housing market. Singapore on June 28 unveiled new rules governing how financial institutions grant property loans to individuals. Apartment prices fell 0.2 ...

Full article: http://www.bloomberg.com/news/2013-07-26/singapore-home-p...

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