Singapore home prices to grow 2% in 2020, 2021: Fitch Ratings | / Property news / Singapore home prices to grow 2% in 2020, 2021: Fitch Ratings

Singapore home prices to grow 2% in 2020, 2021: Fitch Ratings

Fresh property news selection on December 18. 2019, Wednesday.

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Singapore home prices are expected to show modest growth over the next two years, riding on macro-prudential measures and stable mortgage performance, anchored by strong household finances. This is according to the latest findings from Fitch Rating's Global Housing and Mortgage Outlook report.

Overall, the rating agency expects nominal home price growth to remain at about 2 per cent in both 2020 and 2021, down from nearly 8 per cent in 2018. "We expect home price growth to reflect the recovering real GDP (gross domestic product) growth rates of 1.5 per cent in both 2020 and 2021, after growth decelerated to 0.6 per cent in H1 19," Fitch said.

It added that lower interest rates and improving borrower affordability, as household incomes grow faster than home prices, should also contribute to rising property prices.

From Q3 2018 to Q1 2019, home prices declined 0.7 per cent, due to regulatory tightening and mortgage rate increases, which dampened market sentiment. However, property prices rebounded slightly in Q2 2019, and Fitch is projecting "minor growth" for the rest of the year.

"If the government views home prices as rising more than is justified by economic fundamentals, we expect that the government would again cool the market through macro-prudential measures," Fitch explained.

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