Singapore property market expected to be resilient

The Singapore property market has been resilient so far, with prices for private homes and Housing and Development Board (HDB) resale flats growing at a faster pace in the second quarter than in the first.

SINGAPORE: Moves by central banks around the world to raise interest rates to tame inflation are already fuelling sharp downturns in housing markets, as buyers turn cautious in the wake of costlier mortgages.

Research consultancy Capital Economics said house prices will fall by 20% in Canada and New Zealand, by 15% in Australia and by 10% to 15% in Sweden – all nations that have experienced interest rate rises of late.