Housing prices around the world have kept rising, in step with a recovering global economy. But Singapore was among a minority of countries that saw a drop in housing prices, mostly owing to interventionist policies that cooled the housing market. 33 out of 51 markets in the IMF’s Global House Price Index showed an increase in house prices relative to rents and incomes. Housing is a critical part of a nation’s economy and the new IMF index will attempt to capture whether prices are rising too fast, resulting in a property bubble, the global body said. For Singapore, however, the tough cooling measures are having the desired effect, said Royal Bank of Scotland economist Vaninder Singh. All of the policy tools recommended by the IMF have already been put in place in Singapore and they are beginning to achieve their aims.... Continue Reading