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Home prices more affordable with cooling measures

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For the first time in several years, home prices have fallen for an entire year, due to government cooling measures.

In 2014, prices of HDB resale and private homes dropped by six and four per cent respectively, down from the 2013 peak.

Between 2009 and now, home prices are up 37 percent, while median household income has risen by 38 per cent.

National Development Minister Khaw Boon Wan acknowledged concerns by MPs Ms Foo and Ms Lee Bee Wah about how overdoing the correction in the housing market could affect the elderly, who rely on housing assets as a backup for their retirement.

Mr Khaw noted that some of the measures taken to prevent this included reducing the number of new flats.

He said that the government will be vigilant as the property market undergoes transition.

Taken from ST Property

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Guest Monday, 13 July 2020