Singapore says factors backing property demand to stay (Corrected)

SINGAPORE (Feb 22): Singapore’s property demand remains "very resilient," supported by factors including low interest rates and a stable economy, National Development Minister Lawrence Wong said.

“Our economy is still growing, so I think demand is still healthy and our assessment is these factors will remain for some time,” Wong, who’s also the second finance minister, said in a Bloomberg Television interview with Haslinda Amin.

Singapore home prices fell 3 percent in 2016, with prices declining for the 13th straight quarter in the last three months of the year for the longest streak since data was first published in 1975. Still, Singapore house sales last year topped 2015’s tally as a third straight year of price declines stoked pent-up demand from home buyers.

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