Colliers: S'pore private home prices to fall up to 5%
Singapore's private home prices are expected to slip by up to 5 percent for the whole of this year, following 2013's moderate increase of 1.2 percent.
A report by property consultant firm Collier International says the various government measures have effectively curtailed demand from all groups of home buyers.
It says financing rules under the Total Debt Servicing Ratio, or TDSR, was the turning point for the primary sales market exuberance seen in the first half of last year.
For 2014, the luxury/super-luxury segment is likely to face greater downward price pressure compared to the other segments.
This is because of the changes to the property tax structure, which take effect this year.
They include the abolishment of tax concessions for vacant properties and the increase in property tax rates for residential non-owner-occupied investment properties to between 12 and 20 percent, with high-end properties being taxed at a higher rate.
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