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Prospective home buyers should take extra care before taking on a mortgage given the uncertain economy and softening labour market.
The warning from the Monetary Authority of Singapore (MAS) yesterday also pointed to the large supply of unsold units that could weigh on the property sector.
The regulator noted that the number of unsold homes from launched projects - excluding executive condominiums (ECs) - doubled from 2,172 units in the third quarter of last year to 4,377 units in the same three months this year. It added: "This increase will likely be exacerbated in the medium term as developers continue to launch projects on sites arising from the large volume of en bloc sales from 2017 to last year.
"The increase in the unsold inventory could place downward pressure on prices... if unaccompanied by a corresponding rise in demand."
And investors who borrowed at higher mortgage rates, relative to incomes, "could face difficulties meeting the repayments on their investment properties".
Real estate related news stories from Singapore
- Post-cooling measures, property prices 'closer to fundamentals'
- URA launches two Canberra Drive residential sites for tender
- Two GLS housing sites at Canberra Drive put up for tender
- Cromwell European REIT acquires Milan office property for $27.8m
- Singapore property market faces risks from unsold units, uncertain economy: MAS
Asian property news round up
- Hong Kong home prices fall for 5th straight month in October
- JustCo, Daito Trust to operate flexible workspaces in Japan
- Hong Kong sets record in HK$42b land sale
- China Merchants breaks Reit-listing drought for HK
- First rental property in Shanghai for Greystar Real Estate
- 11 Grey Bathrooms for Every Design Style
- The 50+ Most Tranquil Blue Rooms Ever
- 30 Black & White Living Rooms That Work Their Monochrome Magic
- How to Pull Off a Monochromatic Room
- 44 Black and White Rooms That Make the Case for Monochrome
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