Speaking at a seminar on the built environment and property outlook jointly organised by the Construction Authority and the Industrial Developers Association, Mr Lee pointed out that there are several uncertainties that could affect our economic performance this year, including: geopolitical tensions and recession in Europe and the US, while the property markets in Australia, the UK and Hong Kong have already slowed down.

The Minister advised the nation to be cautious when buying a home and not to overspend financially.

Although the Government has tightened the loan ceilings, home loans still account for the largest proportion of total household loans.

If global interest rates continue to rise due to inflationary pressures, local home loan rates will also rise, making it more difficult for existing and new borrowers to repay their loans.