Private Property Market Performance Remain Strong Despite Economic Uncertainties

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Global economic turmoil has witnessed an inflow of foreign investors taking up properties here in Singapore, analyst are having divided opinions on the forecast despite an inevitable slowdown in the republic’s growth for the second half of the year.

Data shown by real estate agency Huttons that the sales activities at showflat posted a 6% increase year-on-year in 2nd Quarter of 2019, with about 2500 units found its respective owners. Flash estimate by Urban Redevelopment Authorithy (URA) earlier on also shows a 1.3% price jump in the previous quarter, which is also a 5-year high. All in all, a total of 4300 units was sold by developer in the first half of the year, a 10% increase in transaction volume.

Market watcher noted that the strong performance was partly due to worn off effect of the cooling measure introduced in July last year. A group of buyer would normally wait for 6 months before making the move in observation if the price would drop after the introduction of cooling measure, past experience shown.

At the same time, real estate agency leader Propnex is expecting new sales volume to surpass last year figure of 8795 units, as developers are pricing attractively to entice buyer’s interest. In today’s market, buyers are generally price sensitive and focus more on the value they are getting for the money they pay.

In anticipation a rate cut by US Fed in July’s meeting, the low interest rate environment could also further driven property market in Singapore up north.

photo:todayonline

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