Chart of the Day: Housing loans surged 49.2% in Q1

It is attributed to lower interest rates, allowing homeowners to secure loans at favourable terms.

This chart from EDMUND TIE shows that housing loans continued to grow for the third consecutive quarter by 49.2% YoY in Q1.

The rise in housing loans granted may be attributed to lower interest rates, allowing homeowners to secure loans at favourable terms. This is despite the fact that government relief has been provided for Singaporean married couples who are seeking ABSD remission for the joint purchase of their second residential property, with an extension of six months for the sale of their first residential property.

However, the report noted that this will help contain selling pressures in the market. The report cited data from the Urban Redevelopment Authority’s (URA) Q2 statistics that private home prices registered a slight QoQ uptick of 0.3%, after a decline of 1% in Q1. Condo prices also rose by 0.4% QoQ in Q2 after two consecutive quarters of decline.