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Financial News: Singapore Central Bank Sees Downside Risks To Property

Singapore Central Bank Sees Downside Risks To Property Market

11/28/2019 - 04:49:00 (RTTNews)

(RTTNews) - Singapore's central bank sees downside risks to property market from uncertain economic outlook and weakening labor market.

In the Financial Stability Review, released Thursday, the Monetary Authority of Singapore said, "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.

"Given these downside risks, prospective buyers should be mindful of risks and remain prudent before entering into long-term decisions, for instance buying a property, taking on a mortgage, and servicing that mortgage," the central bank said.

The central bank noted that the number of unsold units doubled in the third quarter, which is likely be exacerbated in the medium term as developers continue to redevelop and launch projects.

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