30 Oct '11, 10pm

Are foreigners responsible for rising property prices today?

AMID soaring property prices, making private homes increasingly less affordable, fingers are pointing at foreigners for causing the Singaporean dream home to be out of reach. Some have written to the press, asking for government intervention to restrict foreign buying. But a recent data report put the purchasing breakdown for private homes at roughly 20 per cent for foreigners, 12 percent permanent residents and the rest, mainly HDB upgraders. Can a minority number of foreigners effectively cause property prices to increase? Perhaps, Singaporeans are the ones pushing up prices. In past years, the property market uptrend was driven by a combination of key fundamentals. The dominant factor was population growth. In 1998/9, there was an overhang of 80,000 private units. The property market was in doldrums. But from 2000 to 2005, the population grew by 238,000. Not only the ne...

Full article: http://www.todayonline.com/Voices/EDC111031-0000107/Are-f...

Tweets

Prices reduced again. Ridiculously cheap now.

Prices reduced again. Ridiculously cheap now.

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Blogged for today

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