Singapore, 17 Mar 2021 Singapore saw the gap between household income and prices of private non-landed homes widen in 2020, reported The Business Times (BT).
Known as the “affordability ratio”, the gap between household income and prices of new condominium sold is at its biggest in 10 years, showed BT’s analysis of data from Colliers International, Knight Frank, Urban Redevelopment Authority, OrangeTee & Tie and Department of Statistics (DOS).
Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee and Tie, believes a wait-and-see approach may be apt since the economy is still recovering and that any cooling measures may affect other sectors like banking and construction. And if the city-state’s gross domestic product “substantially” increases in Q1 2021, the property price growth may not be a major issue, she said.