Latest figures to shed light on property boom

From Straits Times – July 23, 2007:

“WHAT IT IS

EVERYONE knows that the property market is booming. But just how much has it risen? The answer will be out on Friday when the Government releases official figures on property prices for the April-to-June period this year.

Earlier this month, it was estimated that private home prices jumped 7.9 per cent and HDB resale prices rose 2.9 per cent. Experts expect that the official figures will be higher as they take more recent deals into account.

The Government will also provide a breakdown of how much home prices have risen by region. The data will cover prices and rentals not only for the closely watched residential sector, but also for offices, shops and industrial properties.

WHY IT MATTERS

The Government hopes to calm the market, which shows no sign of slowing, by stepping up the information flow.

Friday’s numbers promise to be some of the most comprehensive ever released. They will indicate the strength of the property boom and provide an idea of which areas and sectors are doing the best.

But they will also include figures showing the level of speculative activity in the market. These, along with the price data, could give an indication of whether the market is overheating – and give the public a hint as to whether the Government will intervene to cool the market.

FIONA CHAN”

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