Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Oct 4, 2016
The Canadian Press
VANCOUVER -- Home sales in Metro Vancouver plunged by 32.6 per cent last month compared to the same month last year, the city's real estate board said Tuesday, a sign that one of the hottest real estate markets in the world may be rapidly cooling down.
The Real Estate Board of Greater Vancouver said there were 2,253 homes sold last month, a steep drop from the 3,345 home sales recorded in September 2015.
Last month was the second month that a 15 per cent tax applied to foreign buyers of property in the city.
"There's uncertainty in the market at the moment and homebuyers and sellers are having difficulty establishing price," said real estate board president Dan Morrison in a news release.
The composite benchmark price for all residential properties was $931,900, a 28.9 per cent increase compared to the same month last year but a 0.1 per cent decline compared to August 2016.
The marked drop in the number of homes sold last month follows a 26 per cent year-over-year decline in August.
Morrison said there is more demand for condominiums and townhomes than detached homes, supporting some analyst predictions that there's still interest among first-time buyers to get into the Vancouver market.
Concerns have intensified about the city's real estate sector. Some experts have predicted it is prone to a sharp correction.
Last week, Swiss bank UBS released a report that said the city had the greatest risk of a housing bubble when compared to 17 other high-priced large markets including London, New York and Sydney, Australia.