Property prices not yet at 'meaningful correction': DPM Tharman

PROPERTY prices in Singapore have not seen a "meaningful correction" yet, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Tuesday.

"We've seen some correction in both private property prices and HDB resale prices over the last four to five quarters, but there is some distance to go in achieving a meaningful correction after the sharp run-up in prices in recent years," said the chairman of the Monetary Authority of Singapore at the Credit Counselling Singapore's 10th anniversary luncheon.

"If we do not get a meaningful reversal after each upswing, property prices will run ahead of the growth in household incomes in the long term. And that, we must avoid."