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The trend is clear. Housing debt as a proportion of GDP has been consistently on the rise since 2007.
In fact, if we plot a chart of bank housing debt from 2000 and do some numbers, we see that housing debt has exploded a staggering 30% per annum for the last 11 years, far outstripping GDP growth rates.
Singapore has a lot of foreign workers in the country who do not purchase housing in Singapore but instead who rent, like they normally would if they were working in their home country/city. This artificially inflates GDP relative to mortgage debt compared to other jurisdictions where the vast majority of the workforce are indigenous workers who own a home in the location where they work. (Now you know why government likes to use GDP for working out their bonuses; housing pressures increase rent, resulting in higher GDP leading to higher bonuses for doing fook all!).
- http://utwt.blogspot.com/2011/09/debt-watch-singapore.html#more
In fact, if we plot a chart of bank housing debt from 2000 and do some numbers, we see that housing debt has exploded a staggering 30% per annum for the last 11 years, far outstripping GDP growth rates.
Singapore has a lot of foreign workers in the country who do not purchase housing in Singapore but instead who rent, like they normally would if they were working in their home country/city. This artificially inflates GDP relative to mortgage debt compared to other jurisdictions where the vast majority of the workforce are indigenous workers who own a home in the location where they work. (Now you know why government likes to use GDP for working out their bonuses; housing pressures increase rent, resulting in higher GDP leading to higher bonuses for doing fook all!).
- http://utwt.blogspot.com/2011/09/debt-watch-singapore.html#more
