New uncompleted private homes may be better buys than resale units amid high interest rates
In certain global cities, the decline in housing prices can be attributed to the escalation of home loan rates. However, the private home prices in Singapore have demonstrated a remarkable resistance to this trend thus far.
The future will determine whether these prices will waver due to the impact of high interest rates and property cooling measures. Nevertheless, the elevated home loan rates inevitably result in increased expenses for individuals who rely on borrowing to purchase homes.
The rise in interest rates adversely affects housing developers as it amplifies the costs associated with development. Nonetheless, there exists a silver lining for developers. Some individuals may choose to acquire unfinished new homes, as they value the extended time period provided to complete the payment for their homes.
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