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(Bloomberg) — Housing costs in Singapore rose at a faster rate in the current quarter, but momentum may be threatened by considerations about emerging living costs and emerging interest rates.
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Prices rose 3. 5% over the three months, according to data from the Urban Redevelopment Authority on Friday. That’s more than the initial estimate of 3. 2% and a jump from 0. 7% expansion in the first quarter.
Rising prices and rates may weigh on Singapore’s property market, which has held up even after the government imposed cooling measures to calm the housing boom. Home sales fell in June to the lowest level in more than two years.
Singapore’s central bank took steps last week to curb inflation through tighter financial policy. Countries ranging from New Zealand to Canada are seeing their housing markets slow as central banks raise rates to fight emerging prices.
“Mortgage rates here are rising from their lowest levels as Singaporean banks draw inspiration from the US Federal Reserve. “In the U. S. , raising rates to higher-than-expected inflation,” said Christine Sun, senior vice president of studies and studies at OrangeTee.
Developers are suffering with the top structure and costs of land, as well as the need for affordable costs as emerging tariffs reduce customer trust, Sun said.
Still, he added that Singapore’s economic expansion and top employment rate can act as a cushion for homeowners facing the potential effects of global uncertainties.
(Updates with analyst commentary in the fifth paragraph)
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