Language(s): Chinese, Malay, English, Tamil
Total Area: 683 km²
GDP (in million USD): 318,900
Singapore, officially the Republic of Singapore, is a Southeast Asian island city-state off the southern tip of the Malay Peninsula, 137 kilometers north of the equator.
During the year to Q4 2012, Singapore's private residential property price index rose 2.8%, according to the Urban Redevelopment Authority (URA). In contrast, when adjusted for inflation, the property price index actually fell by around 1.1% over the same period.
The rise in the nominal price index pales in comparison with the 38.2% price hike (34% in real terms) during the year to Q2 2010, a period which saw the fastest price-rises of the recent boom. Measures were introduced in October 2012 to limit mortgage tenure to 35 years, and to lower to 60% the LTV ratio for loans longer than 30 years, or loan periods extending beyond age 65.
Despite this during the last ten months of 2012 19,792 homes were sold, 21% higher than the previous record of 16,292 transactions (in 2010), according to Savills Singapore. The strong demand was in part due to record-low interest rates and developers' marketing strategies. In particular, the cooling measures have not had much effect on executive condo (EC) buyers. Sales of ECs are estimated at 4,000 units for 2012, near the combined sales figure for 2010 and 2011 of 3,935 ECs.