Singapore’s housing boom has resulted in a record low number of new homes for sale, putting the government’s efforts to cool the market at risk.
While property restrictions have already begun to take effect, a supply scarcity, along with persistent demand throughout the pandemic, may continue to drive up prices, which last year reached their highest level in more than a decade.
It’s a stark contrast to 2019, when a housing shortage hindered the city-price state’s recovery.
Covid-19 limits have resulted in labor shortages, delaying building and boosting expenses for developers who are already dealing with greater taxes and inflation.
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