Singapore, 30 Jun 2021 The Monetary Authority of Singapore (MAS) remains "highly vigilant" to the risk of a sustained increase in housing prices relative to income trends, with a prolonged divergence seen as unsustainable, Monetary Authority of Singapore (MAS) managing director Ravi Menon has said.
In his opening remarks at the launch of the MAS annual report, he noted that the property market has been "remarkably resilient" in the face of the pandemic. The residential property index rose by 1.6 per cent in 2020, even as nominal gross domestic product (GDP) contracted 8.2 per cent.
In response, Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that while rumours of cooling measures might have introduced panic buying, Mr Menon’s earlier statement could help to stabilise the market “by providing more clarity and certainty”.