Is it time to stop bingeing on real estate?

MUCH of the narrative accompanying the surge in Singapore’s private home prices in the past three years has focused on a housing shortage driving buyers to jump on the bandwagon for fear of missing out.

The government has stepped up supply and given assurances that there will be enough homes. For private housing, priority has been accorded to owner-occupation demand from Singaporeans and permanent residents, with measures taken to further rein in purchases by foreign buyers and local investors.

But there will always be limitations – especially for a small island state such as Singapore – on how much new housing supply can be rolled out, despite the best and most creative efforts from all quarters.