Singapore’s property market is stabilizing and the country isn’t facing a credit bubble that puts the island or its banking system at risk of a crisis, the central bank said.
New housing loans have declined and household balance sheets are strong, the Monetary Authority of Singapore wrote in an e-mailed statement to Bloomberg News today after a Forbes article this week said the city is headed for an “Iceland-style meltdown.”
Singapore unveiled new rules last year governing how financial institutions grant property loans to individuals, in addition to previous curbs including new taxes and higher downpayments. Record home prices amid low interest rates had raised concerns of a housing bubble and prompted the government to widen the campaign that started in 2009 to curb speculation in the property market.
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