SINGAPORE - Stick a hand out anywhere in Singapore and you're likely to touch a millionaire. A paper millionaire, at least.
The Republic has the highest concentration of millionaires in the world. Try 17 per cent of all households here, according to a 2012 report by The Boston Consulting Group.
But so much of it is tied down to property. Spoils from property account for 58 per cent of their overall wealth, according to a 2013 Barclays report.
Things have been good after the global financial crisis in 2008 with money pouring in.
But market watchers say things are set to change with forecasts of higher interest rates and more units coming into the market. More than 30,000 units, including HDB flats, will be completed by the end of the year.
And those relying on rents to pay off their investment properties may have no idea the water is slowly coming to a boil. Real estate agents The New Paper contacted have seen the signs.
In 2006, property agent Harold Teo would regularly have about 15 groups of people viewing a condominium unit for rent. Now the game has changed.
He said: "Now it's 15 landlords looking for that one elusive tenant. And those who are less stubborn will even slash prices to secure a tenant."