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Government Policies and Private Housing Prices in Singapore

Author

Listed:
  • Sock-Yong Phang

    (Department of Economics, National University of Singapore, Kent Ridge, Singapore 119260, ecspsy@nus.sg.)

  • Wing-Keung Wong

    (Department of Economics, National University of Singapore, Kent Ridge, Singapore 119260)

Abstract

Regression models are used to show that interest rates, income growth rates and the supply of housing have not played a statistically significant role in the determination of private housing prices in Singapore between 1975 and 1994. Instead, private housing prices in Singapore were highly correlated with the prices for public-sector-built housing. Moreover, the timing of government policies relating to the use of compulsory savings for private housing finance purposes, the liberalisation of rules on public housing ownership criterion as well as for housing finance had a significant impact on private housing prices.

Suggested Citation

  • Sock-Yong Phang & Wing-Keung Wong, 1997. "Government Policies and Private Housing Prices in Singapore," Urban Studies, Urban Studies Journal Limited, vol. 34(11), pages 1819-1829, November.
    • Handle: RePEc:sae:urbstu:v:34:y:1997:i:11:p:1819-1829
    DOI: 10.1080/0042098975268
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    Cited by:

    1. Nguyen Huu Hau & Tran Trung Tinh & Hoa Anh Tuong & Wing-Keung Wong, 2020. "Review of Matrix Theory with Applications in Education and Decision Sciences," Advances in Decision Sciences, Asia University, Taiwan, vol. 24(1), pages 28-69, March.
    2. Tilak Abeysinghe & Jiaying Gu, 2011. "Lifetime Income and Housing Affordability in Singapore," Urban Studies, Urban Studies Journal Limited, vol. 48(9), pages 1875-1891, July.
    3. Phang, Sock-Yong, 2004. "House prices and aggregate consumption: do they move together? Evidence from Singapore," Journal of Housing Economics, Elsevier, vol. 13(2), pages 101-119, June.
    4. Stefano Colonnello & Mariela Dal Borgo, 2024. "Raising Household Leverage: Evidence from Co-Financed Mortgages," Working Papers 2024: 01, Department of Economics, University of Venice "Ca' Foscari".
    5. Sing, Tien-Foo & Tsai, I-Chun & Chen, Ming-Chi, 2006. "Price dynamics in public and private housing markets in Singapore," Journal of Housing Economics, Elsevier, vol. 15(4), pages 305-320, December.
    6. Gary John Rangel & Jason Wei Jian Ng, 2017. "Macroeconomic Drivers of Singapore Private Residential Prices: A Markov-Switching Approach," Capital Markets Review, Malaysian Finance Association, vol. 25(2), pages 15-31.
    7. Deo Bardhan, Ashok & Datta, Rajarshi & Edelstein, Robert H. & Sau Kim, Lum, 2003. "A tale of two sectors: Upward mobility and the private housing market in Singapore," Journal of Housing Economics, Elsevier, vol. 12(2), pages 83-105, June.
    8. Kai-Yin Woo & Chulin Mai & Michael McAleer & Wing-Keung Wong, 2020. "Review on Efficiency and Anomalies in Stock Markets," Economies, MDPI, vol. 8(1), pages 1-51, March.
    9. Sock-Yong Phang, 2009. "Affordable homeownership policy : implications for housing markets," Microeconomics Working Papers 23052, East Asian Bureau of Economic Research.
    10. Chia-Lin Chang & Michael McAleer & Wing-Keung Wong, 2018. "Decision Sciences, Economics, Finance, Business, Computing, and Big Data: Connections," Tinbergen Institute Discussion Papers 18-024/III, Tinbergen Institute.
    11. Chi-Chur Chao & Eden Yu, 2015. "Housing Markets with Foreign Buyers," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 207-218, February.
    12. Stefanie Lena Heinzle & Augustin Boey Ying Yip & Melissa Low Yu Xing, 2013. "The Influence of Green Building Certification Schemes on Real Estate Investor Behaviour: Evidence from Singapore," Urban Studies, Urban Studies Journal Limited, vol. 50(10), pages 1970-1987, August.
    13. Seow-Eng Ong & Tien-Foo Sing, 2002. "Price Discovery between Private and Public Housing Markets," Urban Studies, Urban Studies Journal Limited, vol. 39(1), pages 57-67, January.
    14. Chia-Lin Chang & Michael McAleer & Wing-Keung Wong, 2018. "Decision Sciences, Economics, Finance, Business, Computing, And Big Data: Connections," Advances in Decision Sciences, Asia University, Taiwan, vol. 22(1), pages 36-94, December.
    15. Tilak Abeysinghe & Jiaying Gu, 2016. "Estimating fundamental and affordable housing price trends: a study based on Singapore," Applied Economics, Taylor & Francis Journals, vol. 48(49), pages 4783-4798, October.
    16. Poh Har Neo & Nai Jia Lee & Seow Eng Ong, 2003. "Government Policies and Household Mobility Behaviour in Singapore," Urban Studies, Urban Studies Journal Limited, vol. 40(13), pages 2643-2660, December.
    17. Massoud Moslehpour & Wing-Keung Wong & Yi Hsin Lin & Thi Huyen Nguyen, 2018. "Top purchase intention priorities of Vietnamese low cost carrier passengers: expectations and satisfaction," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 8(4), pages 371-389, December.
    18. Yong Tu & Grace K.M. Wong, 2002. "Public Policies and Public Resale Housing Prices in Singapore," International Real Estate Review, Global Social Science Institute, vol. 5(1), pages 115-132.
    19. Yong Tu, 2004. "The Dynamics of the Singapore Private Housing Market," Urban Studies, Urban Studies Journal Limited, vol. 41(3), pages 605-619, March.
    20. Deng, Yongheng & Li, Zhiliang & Quigley, John M., 2012. "Economic returns to energy-efficient investments in the housing market: Evidence from Singapore," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 506-515.
    21. G. K. Randolph Tan, 2006. "Robust Inference for Measures of Persistence in Singapore Sectoral Property Price Indexes," Journal of Property Research, Taylor & Francis Journals, vol. 23(4), pages 305-321, October.
    22. Phang, Sock-Yong & Helble, Matthias, 2016. "Housing Policies in Singapore," ADBI Working Papers 559, Asian Development Bank Institute.
    23. Zhu, Yi & Diao, Mi, 2016. "The impacts of urban mass rapid transit lines on the density and mobility of high-income households: A case study of Singapore," Transport Policy, Elsevier, vol. 51(C), pages 70-80.
    24. Xiang Zhang & Yanhuang Zheng & Chuanhao Tian, 2021. "Who Benefits from the Housing Provident Fund System in China? An Analysis of the Internal Rate of Return for Typical Employees with Different Incomes," Sustainability, MDPI, vol. 13(9), pages 1-18, April.
    25. Wen-Chi Liao & Daxuan Zhao & Li Ping Lim & Grace Khei Mie Wong, 2015. "Foreign liquidity to real estate market: Ripple effect and housing price dynamics," Urban Studies, Urban Studies Journal Limited, vol. 52(1), pages 138-158, January.

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