SINGAPORE - Prospective home buyers should be mindful of risks and remain prudent before entering into long-term decisions like buying a property and taking on a mortgage, the Monetary Authority of Singapore (MAS) said on Thursday (Nov 28).
This is because ongoing uncertainties in the economic outlook and a softening labour market could negatively affect households' incomes and their demand for property. A large supply of unsold units in the medium term could also weigh on the property market.
In its annual Financial Stability Review, MAS pointed out that despite the decline in vacancy rate of completed units, the number of unsold units from launched projects (excluding ECS) has doubled from 2,172 units in Q3 2018 to 4,377 units in Q3 2019.
Adapted from The Straits Times 28th November 2019