Singapore central bank urges prudence in property purchases as pandemic hits jobs

SINGAPORE: Singapore's central bank urged households on Tuesday to be prudent about property purchases amid a weak labour market and a deep economic slump, even as locals shrug off the impact of the coronavirus pandemic to buy real estate.

"Given that an uncertain economic outlook could have dampening effects on income streams, households should remain prudent in taking up new debt and in committing to property purchases," the Monetary Authority of Singapore (MAS) said in its annual financial stability review.