Second time property buyers were given a rude awakening by the government's latest round of cooling measures yesterday.
Prior to the new measures, second time buyers who had an outstanding mortgage or loan had to put down 30% of the cost of the property. This has now been revised to a whopping 40% in an attempt to curb the speculation which continues to be evident in the property sector.
Analysts thought the first round of measures, brought in last year, would see sales soften as buyers would need 30% for second properties, with outstanding loans. This wasn't the case. New launches continued to attract investors, cashing in on the transient expatriate population, some who rent properties at premium prices due to very generous housing allowances.
Whether the new measures will affect the sales of apartments in the coming months and year, only time will tell.