26 Feb '14, 6am

Popping fears of a #property bubble Mortgages here just a fraction of property values, says Citigroup #Singapore

Popping fears of a #property bubble Mortgages here just a fraction of property values, says Citigroup #Singapore

SINGAPORE - Citigroup said it is "encouraging" that the country's household debt tied to the real estate market is only a fraction of property values, downplaying concerns of a bubble. Singapore's $203 billion worth of mortgages amounted to 24.2 per cent of the value of residential properties in the third quarter, according to Citigroup's analysis of government data. The lender, the biggest employer among foreign banks on the island with 10,000 employees, offers housing and car loans as well as credit cards and other banking services. "Nobody has walked me through the mechanics of a total crash of the real estate market for it to be compelling," Mr Michael Zink, who heads Citigroup's operations in South-east Asia, said in an interview last week. "Ninety per cent of households live in a home that they own, so where's the bubble?" Singapore's fourth-quarter home prices slid ...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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