Since the government introduced additional cooling measures in July 2018, the market has been positively directionless. The overall private housing market has been creeping upwards slowly and cautiously. Now with this announcement made by Second Minister for National Development, Desmond Lee, it is an affirmation that the cooling measures are working well and within scrutiny and control. This is a confidence booster for the property market knowing that the government is in control and is growing at a more sustainable pace.
He did caution however that there are still many uncertainties in the global market such as trade rows between the US and China, geopolitical tensions between Japan and Korea and the unrest in Hong Kong. All these can create nervousness and cautiousness in the market.
Foreigners buying into the Singapore property market remains small but stable. Unrests in Hong Kong has recently seen an influx of funds especially into the higher end luxury sector of the market.
Stability and sustainability remains the key drivers that the government of Singapore works towards as these will have direct impact to the overall economy and lives of Singaporeans. Thus we can expect the government to intervene whenever wide swings are observed.