Time to relook property cooling measure in 2017

property cooling measure

It's time for the Government to consider "thawing" property cooling measures, according to consultancy JLL yesterday.

The firm said in a report that one reason to reconsider the measures is the significant fall in property prices.

Overall prices of private homes have fallen by about 11.2 per cent since the third quarter of 2013, it said, citing Urban Redevelopment Authority data.

JLL said the luxury market has been most affected, with values declining by about 18 per cent from 2013, while those of mass market homes are down by 11 per cent.

Transaction volumes have also fallen. While last year recorded a three-year high in sales of 16,378 private homes, this still pales in comparison with the 22,197 homes sold in 2012, according to URA data.

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