When did the government announce property cooling measures for the last 10 years?

Over the last 10 years, the Singapore government has introduced several property cooling measures to manage the property market and ensure affordability. Here are some key announcements:

January 2013

• The government introduced measures including an increase in Additional Buyer’s Stamp Duty (ABSD) rates, a reduction in the Loan-to-Value (LTV) limit for borrowers with existing housing loans, and stricter rules for Permanent Residents (PRs) and foreigners buying properties.

June 2013

• The Total Debt Servicing Ratio (TDSR) framework was introduced to ensure that borrowers do not over-extend themselves financially. This measure focused on income affordability.

December 2013

• Additional measures were introduced, including rules for Executive Condominium (EC) buyers to ensure affordability.

February 2018

• The top marginal Buyer’s Stamp Duty (BSD) rate was increased from 3% to 4% for residential properties worth over $1 million.

July 2018

• ABSD rates were raised, and LTV limits were tightened by 5 percentage points for all housing loans. Non-individual entities faced higher ABSD rates, and an additional non-remittable ABSD of 5% was introduced for developers purchasing residential properties.

September 2022

• An affordability stress-test and waiting periods for private home sellers were introduced.

December 2022

• No specific cooling measures were announced, but the market was already under the influence of previous measures.

February 2023

• The Buyer’s Stamp Duty for high-end properties was increased.

April 2023

• ABSD rates were significantly increased, with foreigners facing a 60% ABSD rate, and Singaporeans and PRs facing higher rates for their second and subsequent properties. This was part of a broader set of measures to cool the market.

These measures have been implemented to curb speculative buying, ensure affordability, and manage the overall health of the Singapore property market.