17 Jul '15, 3am

The Elephant in the Property Market & 5 Tranquilizer Guns #singapore #property

The major economies have been bolstering their economies with easy money (i.e., low interest rates) for so long that there are generations of homeowners who have never experienced expensive mortgages. Is it any wonder why Singaporeans have taken advantage of rock-bottom mortgage interest rates to invest in a second or third home? With the interest rate tranquilizer gun jamming, the mortgage elephant gained weight big time. The banks were tripping over each other to hand out mortgages with the lowest interest rates possible. The mortgage elephant grew some more. The Buyer's Stamp Duty on foreign buyers reduced the overseas competition for Singapore investment properties, which in turn, put downward pressure on property prices and resulted in deep discounts from developers. Singaporeans stepped in to take advantage of these deals. The mortgage elephant grew even bigger and m...

Full article: http://www.srx.com.sg/singapore-property-news/9421/the-el...

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