Housing prices in Singapore are not expected to rise indefinitely, amid high mortgage rates and an increased supply of completed homes, the Straits Times reported, citing Minister for National Development Desmond Lee.
Interest rates are expected to remain high for longer, Lee said in an interview with the newspaper. “The rates we see are between 3.7% and 4.4%, so that will have an impact,” he added.
If the resale market remains buoyant, the government will have to consider increasing discounts given to people to keep build-to-order flats affordable in prime areas, he said.
