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Thread: S'pore home prices make 2nd highest jump globally

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    Default S'pore home prices make 2nd highest jump globally

    Published April 8, 2008

    S'pore home prices make 2nd highest jump globally

    Bulgaria, with 33.7% surge, tops world index, beating S'pore's 31.3% rise

    By ARTHUR SIM


    THE average price of private housing in Singapore surged 31.3 per cent between Q4 2006 and Q4 2007 - the second-biggest jump in a world index topped by Bulgaria at 33.7 per cent.

    Knight Frank said prices in Singapore rose steadily for all types of property, especially apartments.

    Knight Frank tracks average prices worldwide via its Global House Index, which is based on an assessment of price changes in the mainstream housing markets of countries covered.

    According to the index, Russia, Poland and Hong Kong, with respective hikes of 30, 22.4 and 22.3 per cent, ranked third, fourth and fifth.

    However, price growth across the markets covered in the index fell year on year in the final quarter of 2007.

    Knight Frank said price inflation globally during the year was 8.2 per cent, compared with 9.7 per cent the year before.

    Knight Frank's head of residential research Liam Bailey said that while property prices in Europe and America appear to be, 'suffering from the downturn in economic conditions', prices in Asia and elsewhere, notably Singapore and Hong Kong, are performing well. Besides Singapore and Hong Kong, other Asian countries where home prices increased last year include China and Indonesia, which ranked 12th and 17th in the index with respective increases of 10.5 and 4.7 per cent. Knight Frank said prices in Singapore rose steadily for all types of property, especially apartments.

    It said that in Hong Kong, almost half of the growth in prices happened in the last quarter of 2007 alone.

    In China, home prices in 70 cities rose 10.5 per cent in 2007, with Shanghai's 10.8 per cent growth marginally exceeding the national average.

    Figures for December 2007 showed prices in Beijing fell as policies aimed at cooling speculative investment were introduced.

    Shenzhen also saw a fall in prices towards the end of the year after credit was tightened in mid-2007.

    Of Knight Frank's list of top-30 countries with price movements, only five countries registered falls - the US, Germany, Latvia, Ireland and Estonia.

    Underscoring the volatility of certain markets, Mr Bailey noted: 'The most outstanding feature in this index in Europe is Bulgaria's continued strong showing against the astonishing reversal of fortune witnessed in the three Baltic countries.'

    Two of the three; Latvia and Estonia, suffered negative growth of -7.1 and -14.5 per cent, while prices in Lithuania grew only one per cent.'

    He said that a year earlier, these countries saw respective price increases of 66.6, 23.8 and 23 per cent.

  2. #2
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    Default Re: S'pore home prices make 2nd highest jump globally

    Bulgaria can buy meh?

  3. #3
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Bulgaria can buy meh?
    Asia and Eastern Europe can buy.

  4. #4
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Asia and Eastern Europe can buy.
    Buy buy buy!

  5. #5
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Buy buy buy!
    Buy what? Oil, corn, rice or steel?

  6. #6
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Buy what? Oil, corn, rice or steel?
    You must be the asshole that has been buying all these commodities. Anyway MAS is doing something to kill people like you.
    Quote Originally Posted by AFP

    Singapore's GDP Rebounds By 16.9% In Q1
    MAS moves to curb inflation as growth rebounds

    Agence France-Presse
    Singapore
    Thursday, 10 April 2008

    Singapore's central bank unexpectedly further tightened monetary policy on Thursday, pushing the Singapore dollar to a record high against the U.S. dollar, in a move aimed at keeping a lid on soaring prices.

    Singapore's economy grew at an annualised, seasonally adjusted rate of 16.9% in the first quarter, beating economists' expectations, government data showed on Thursday, after a surprise 4.8% contraction in the fourth quarter of 2007.

    The data beat a median forecast from economists polled by Reuters for growth of 11.5% because of a recovery in pharmaceutical and electronics manufacturing.

    "The GDP figures were stronger than what the market had predicted and that gave the Monetary Authority confidence to tighten the policy," said Joseph Tan, an economist at Fortis.

    "Strength of GDP quarter-on-quarter came from domestic sources. Where we go from here is a step in time approach but the one-up shift of the band, as opposed to the steepening of the Singapore dollar, shows that MAS recognises inflation is an imminent danger."

    The Monetary Authority of Singapore conducts policy through the exchange rate, steering the Singapore dollar within a secret trade-weighted band against a basket of currencies, rather than by adjusting interest rates.

    Growth Support

    "Against backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy," the central bank said in a twice-yearly monetary policy statement.

    "MAS will therefore re-centre the exchange rate policy band at the prevailing level of the S$NEER. There will be no change to the slope or width of the policy band."

    The Singapore dollar hit a record high, up 0.9% on the news to 1.3683 per U.S. dollar. The currency has gained around 5% this year.

    Ten out of the 12 economists polled by Reuters had expected the MAS to refrain from tightening monetary policy due to concerns about slower economic growth.

    The other two had expected the MAS to tighten policy to fight inflation, which stood at 6.5% in February. In January it hit 6.6%, the highest since March 1982.

    The MAS said it expected inflation in the upper half of its 4.5% to 5.5% forecast range this year.

    Singapore is one of the first Asian countries to report GDP data each quarter. The health of its exports is seen by analysts as a barometer of demand for Asian goods.

    Despite concern about slower global growth, most central banks in Asia have refrained from easing monetary policy due to high inflation.

    Some analysts said a stronger Singapore dollar would further cut demand for the island's exports by making them more expensive at a time when demand in the key U.S. market is weakening.

    They also said a stronger Singapore dollar may not be as effective as before in reining in inflation because domestic factors such as a tight labour market, high wages and elevated property prices were factors as well.

    The MAS tightened policy slightly at its last meeting in October as asset prices spiralled higher.

    Singapore's economic growth is largely fuelled by manufacturing of products such as electronics, pharmaceuticals and oil rigs. However, the economy also relies increasingly on tourism, financial services and construction.

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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    You must be the asshole that has been buying all these commodities. Anyway MAS is doing something to kill people like you.
    MAS can't kill him lah.

  8. #8
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    You must be the asshole that has been buying all these commodities. Anyway MAS is doing something to kill people like you.
    Quote Originally Posted by Unregistered
    MAS can't kill him lah.
    Enough! Stop arguing and enjoy the 16.9% growth.

  9. #9
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Enough! Stop arguing and enjoy the 16.9% growth.
    Enough of what? We don't have a problem with 16.9%.

  10. #10
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    Default Re: S'pore home prices make 2nd highest jump globally

    Quote Originally Posted by Unregistered
    Enough of what? We don't have a problem with 16.9%.
    Cheong ah! Huat ah!

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