Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Sep 15, 2020
Bloomberg News
,(Bloomberg) -- Some prospective homebuyers in the U.S. are speeding up their plans for a purchase amid a pandemic-fueled push for single-family homes and property in the suburbs, a survey found.
The Bank of America Corp. poll of 1,800 people conducted mostly in June and July found that 14% of prospective buyers were accelerating plans while 42% are still on course with their original timelines. While economic uncertainty is causing some to delay their search, almost half said they planned a purchase in the suburbs, according to the results released Tuesday.
“People are thinking really long-term -- this is a goal, it is an aspiration,” D. Steve Boland, president of retail at Charlotte, North Carolina-based Bank of America, said in an interview. “I thought that was pretty bullish given the environment.”
Mortgage rates in the U.S. are at a record low, adding fuel to a housing market that’s been a key source of strength for the pandemic economy. Cheap mortgages have ignited a housing rebound, driving sales of both new and existing homes and putting money back into the pockets of borrowers who have been able to refinance. Still, the rally faces challenges from persistent job losses and an inventory shortage that’s pushing up prices, reducing the pool of people who can afford to buy.
Access to outdoor space was the No. 1 draw for potential homebuyers, followed by high-speed internet and strong cell service, the survey found.
But not everyone was bullish. The study showed that 28% of prospective homebuyers said they would buy later than planned, while 16% planned to renovate or hold off purchases.
©2020 Bloomberg L.P.