The success of the economy in Germany shows the importance of a government policy to keep housing prices low. This will encourage the funds to be invested in productive purpose, rather than in inflating housing prices.
Singapore must learn from this example. Our economic growth was largely fueled by inflated housing prices which is really stealing from the future of the next generation.
I have been strongly against the rising property prices for the past 2 decades. I knew that there was something wrong with this trend. I am glad now to find evidence from Germany to support my gut instinct.