Singapore's cooling measures and its housing market

Yongheng Deng, Joseph Gyourko and Teng Li

Journal of Housing Economics, 2019, vol. 45, issue C, -

Abstract: With real estate markets booming in Asia, governments are trying to stabilize property prices to address deteriorating affordability conditions, especially for superstar cities. There have been various economic interventions across countries, but little has been learnt about the true effects of such policy actions for housing markets or the broader economy. In this paper, we use both macro-level economic data and micro-level house transaction datasets to evaluate the effects of the cooling measures in Singapore. We find that the policies appear to have achieved their primary goals: house prices have fallen by 10%–15% according to different price indices for the public and private sectors. We also show that there is no clear evidence that the cooling measures caused significant collateral damage to the broader economy.

Keywords: Singapore housing market; House prices; Housing supply and demand; HDB; Private market (search for similar items in EconPapers)
JEL-codes: O18 O53 R28 R31 R38 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jhouse:v:45:y:2019:i:c:1

DOI: 10.1016/j.jhe.2018.04.001

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