The Monetary Authority of Singapore says home prices remain elevated in spite of the cooling measures introduced in recent years. It said that over the past 4 years, property prices rose by 60 percent.
MAS Managing Director Ravi Menon said that it’s too early to ease cooling measures even as the property market appears to be stabilising. Over the last 3 quarters, prices declined by 3.3 percent.
Mr Menon said that global interest rates are at historical lows, and relaxing property measures might set off another spiral of price increases. He added that some households remain highly leveraged, and need time to reduce their debt.
Mr Menon was speaking at the release of the MAS annual report for the financial year 2013/2014.