Recent measures designed to cool the burgeoning real estate market in Asia are not making a significant impact, it has been claimed. According to a number of industry experts, the state of the global economy is likely to play a larger role on setting prices.
In particular, measures introduced in Singapore seem unlikely to dampen the demand from buyers and investors in the long term.
Despite there being a drop in the number of real estate transactions immediately after the cooling measures were introduced, experts have suggested that the curbs will only have a minor impact on the overall state of the market.
CB Richard Ellis recently announced that the number of property units sold in the third quarter fell compared to the previous three months.
"Generally the property price is affected by external factors, or the growth of the Singapore property prices is because of the improved economy. People's income increases, their wealth increases, that's why they are buying," said Alfred Chia, chief executive officer of SingCapital.