SINGAPORE - The regulator's recent move on bank lending is not meant to be another property market cooling measure but it will certainly have a bearing on anyone contemplating a real estate investment.
It's not that buyers haven't already been softened up somewhat, given there have been seven rounds of cooling measures since 2009 in a bid to slow rising home prices.
The Urban Redevelopment Authority (URA) index for private properties is up about 60 per cent from 2009.
But even as prices remain at an all-time high and even as buyers appear to take every new cooling measure in their stride, there is little doubt that the market has started to cool its heels.
Data shows that flash estimates of prices for the second quarter increased just 0.8 per cent. For the first quarter, they inched up 0.6 per cent.
Measures to date
The first round of measures in 2009 included scrapping an interest absorption scheme which allowed buyers to avoid interest for a certain period. The confirmed list of government land sites for sale was reinstated.
In February 2010, a seller's stamp duty was imposed on residential property and land bought and sold within a year.
Loan-to-valuation (LTV) limits - the proportion of a home's value that a buyer can borrow - were tightened. They were reduced to 80 per cent, meaning a 20 per cent downpayment was required.