Rising property prices boost Singapore households' wealth

[Piyopico]

Rising property prices boost Singapore households' wealth

 

Rising property prices have boosted Singapore's households to their wealthiest, according to a report released by the Monetary Authority of Singapore (MAS).

 

Household wealth stood at a record high of $1.471 trillion in the three months leading up to September.

 

This is an increase of 8.6 per cent from $1.354 trillion in the same period last year.

 

 

Property made up approximately 50.2 per cent of household assets. Cash, Central Provident Fund balances, insurance and stocks and shares made up the other half.

 

Companies and banks also showed good profits, with a strong base of funding and healthy balance sheets.

 

However, not everything's in the pink of health for Singapore.

 

The global economy and financial system are at their most fragile state since the global economic crisis of 2007, warned the MAS.

 

MAS said that financial stability risks increased significantly in the second half of the year.

 

In its annual report, it also highlighted key risks facing Singapore.

 

These include a protracted global economic slowdown, financial contagion and pressures in the property market.

 

A protracted global slowdown could weigh on the domestic economy, cause corporate earnings to fall, with knock-on effects on employment and wage growth, warned MAS.

 

It also said that external shocks and financial contagion could trigger funding stresses and cause financial institutions to reprice risks.

 

This could, in turn, lead to higher borrowing costs and curtail lending, especially in foreign currencies.

 

While cooling measures have been implemented by the government, there is also a need to be cautious and vigilant about the property market.

 

MAS is monitoring developments closely and stands ready to address such concerns.

 

It said that Singapore's economy and financial system have been resilient, and that Singapore's financial sector had negligible exposures to the peripheral euro zone countries.

 

MAS expects Singapore's economy to grow below its 3 per cent to 5 per cent potential in 2012, after expanding by about 5 per cent this year.

 

http://business.asiaone.com/Business/News/...118-311363.html

 

 

 

Hey all you Richie Rich! 50% of wealth in a property wor................

 

 

 

 

 

[Viceroymenthol]

This is modern slavery.

 

99% of these so-called "wealthy" have decades-long property loans to pay off. They will have to slave for the bank till then.

[Jpcc]

i think if MAS really daring, should release such info before GE11. Makes singaporean feel richer, better, happier? :)

[Lumens]

lol.. what's the use if cannot even take the money out? All will still go back into cpf

[Sabian]

This kind of wealth only benefit those who have more than 1 property.

[Tigershark1976]

Property made up approximately 50.2 per cent of household assets...

 

 

1) if the property crashed.... what will happen?

2) its just paper value, even if you sell it, u have to buy another property which is equally expensive...

3) what abt those who doesnt own a house?

[Tigerwoods]

I'm so happy ! I'm richer than last year.

Frankly what BS.... so I sell my Million $ house and sleep where ??

[Viceroymenthol]

Property made up approximately 50.2 per cent of household assets...

 

 

1) if the property crashed.... what will happen?

2) its just paper value, even if you sell it, u have to buy another property which is equally expensive...

3) what abt those who doesnt own a house?

 

Go find out what % of local bank loans is made up of housing loans and you'll understand why the SG govt can hardly let property crash....

[Kiadaw]

Property made up approximately 50.2 per cent of household assets...

 

 

1) if the property crashed.... what will happen?

2) its just paper value, even if you sell it, u have to buy another property which is equally expensive...

3) what abt those who doesnt own a house?

 

Not if you sell it & move to another country with much cheaper properties. Many FTs are practicing this.

[Piyopico]

Not if you sell it & move to another country with much cheaper properties. Many FTs are practicing this.

 

If Badder still around he will scold you wor.......

 

[Sabbie]

You should measure wealth net of house of domicle, unless you think you can sell, rent, and then buy back when properties crash, i know those who did that in 2009 regreted big time, anyway damn.....I don't own any property now, no wonder I feel so poor....now who will sponsor me to go partying like jonjees?

[Tigershark1976]

FT? Even Singaporean is practicing the same thing... just keep my finger cross that the rules doesnt change when I turn 60....

[Tianmo]

let's all sell and move to JB!!!!.................. [laugh]

[Old-driver]

I'm so happy ! I'm richer than last year.

Frankly what BS.... so I sell my Million $ house and sleep where ??

BS is the word. What good is it if you sell and then hv to sleep by the beach?

What an idiotic report

[Zyrofillica]

Bull s--t. Most property is HDB, whereby you are servicing a LEASE not OWNED by singaporeans. Government owns HDB and is only LEASING it to you, hence real richie rich is not us Sinkies. I wonder if the MIW are really just ignorant in their ivory towers or are they really just intent on shrouding everyone in the smoke screen.

[Darthrevan]

Bull s--t. Most property is HDB, whereby you are servicing a LEASE not OWNED by singaporeans. Government owns HDB and is only LEASING it to you, hence real richie rich is not us Sinkies. I wonder if the MIW are really just ignorant in their ivory towers or are they really just intent on shrouding everyone in the smoke screen.

 

its to stroke the ego of the 60.14% and make them feel that their voting decision is good..these group of pple like to believe they live in paradise city

[Actan72]

I dun see how can rising property price can boost household income ???? [hur]

 

Of course u have to sell it to enjoy the benefits, but dun forget sell high and also buy higher....