One of my favorite city/states, Singapore (second only to Athens circa 350 BC…), was in the news the other day because of it’s large increase in property value. As the WSJ reported:
“Previous government measures have to some extent moderated the market, but sentiments remain buoyant,” Singapore’s Ministry of National Development, Ministry of Finance and the Monetary Authority of Singapore said in a joint statement. “Low interest rates plus excessive liquidity in the financial system, both in Singapore and globally, could cause prices to rise beyond sustainable levels based on economic fundamentals.”
According to latest government data, the increase in private home prices in the fourth quarter slowed to 2.7% from 2.9% in the third quarter. For 2010, private home prices rose 17.6% while Singapore’s economy grew 14.7%, the fastest expansion since the city-state’s independence in 1965.
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