【菲龙网专讯】尽管政策利率持续下调，大马尼拉住宅房地产市场仍显疲软。受可负担性限制影响，购房者正从新建公 寓转向二手市场，而此前在菲律宾离岸博彩（POGO）热潮中入市的投机者则加速抛售资产。 Leechiu地产顾问公司表示，大马尼拉住宅市场正在经历"大洗牌，在POGO溢价推动下形成的租金与需求扭曲逐步消退， 租金水平回归正常。 Leechiu指出，整体供应已趋于稳定，但可负担性压力和偏低的租金回报率持续影响购房行为。目前成交主要集中在二手 市场，以及提供针对性促销的开发商项目。 数据显示，2025年前11个月，大马尼拉住宅新推项目数量及需求均降至2020年以来最低水平，尽管开发商通过限时优惠 和激励措施推动一手销售。同期，大马尼拉公寓存量达到77.54万套，其中现房（RFO）已售出96%，预售房售出62%。 欢迎查阅菲龙网更多精彩报道： POGO泡沫后遗症！马尼拉地产持续低迷创5年新低 Leechiu研究、咨询与估值总监戈莱斯（Roy Amado Golez Jr.）表示，这一情况凸显了更广泛中等收入群体面临的可负担 性缺口正在扩大。 他指出，一手市场需求仍然低迷，投机性购房尚未恢复，而自住买家越来越多转向价 ...

Core Viewpoint - The Singapore government announced adjustments to the Seller's Stamp Duty (SSD) and holding period for residential real estate to curb speculative behavior [1] Summary by Category Policy Changes - The holding period for the Seller's Stamp Duty will be extended from three years to four years, reverting to the duration prior to the last adjustment in 2017 [1] - The SSD tax rates will increase by four percentage points for each tier, meaning homeowners selling their private residential properties within four years will face higher taxes ranging from 4% to 16% [1] Impact on Market - These adjustments will affect private residential property purchases made on or after July 4, 2025 [1] - The changes do not impact owners of public housing (HDB), as they are required to comply with a minimum occupancy period before selling [1]

Group 1 - Jefferies indicates that the declining interest rates in Hong Kong increase the likelihood of the residential real estate market hitting bottom [1] - The one-month Hong Kong Interbank Offered Rate (Hibor) has dropped significantly by 205 basis points over the past four days, providing a glimmer of hope for the struggling real estate market [1] - The Hong Kong Monetary Authority sold HKD 129.4 billion (approximately USD 16.6 billion) to prevent the Hong Kong dollar from appreciating beyond its peg with the US dollar, resulting in increased liquidity in the currency market [1] Group 2 - Jefferies' global equity strategy head, Christopher Wood, suggests that if the Hong Kong dollar does not appreciate, local asset prices will face upward pressure, further increasing the chances of the residential real estate market bottoming out [1] - The Centaline Property Agency reports that current property prices have fallen approximately 29% from the peak in August 2021, with the number of negative equity households reaching the highest level since 2003 as of the end of March [1] - Analysts Sam Wong and Shujin Chen from Jefferies note that while the decline in Hibor may ease financing cost pressures for developers and landlords, it could also compress local banks' profit margins [2] Group 3 - The banking sector in Hong Kong may be approaching a profitability turning point, although it has not yet arrived, with ongoing net interest margin pressure [2] - By the second quarter of 2025, the growth momentum of non-interest income may weaken [2]