Singaporeans have been very vocal lately about property prices in Singapore. Property prices have sky rocketed following the recovery from the United States financial meltdown of 2008. Actually, property prices have increased a whole lot that it’s costing many first-time buyers. Today with cheap funding available all over the world, there is a huge inflow of money in to the Singapore Property Market.
Singapore Property Market – A Haven for Investors
It is easy to do business in Singapore as compared to other countries in the entire world. Moreover, this is a country which focus on regulation and order. There are strict laws to protect buyers and investors. A country which focuses on guarding buyers will always draw business.
Singapore Property Market – Demand and Supply
There are over 5 million people in Singapore. In Feb 2013, Singapore released report which estimates around 7 million people in Singapore by 2030. Presently, there isn’t enough enclosure in Singapore because of the sudden influx of folks into Singapore in the last two years. Think about what will happen in 17 years’ time? With so much upsurge in demand for properties and limited land in Singapore, the real estate market in Singapore will definitely be red hot by 2030.
Singapore Property Market outlook
The housing marketplace in Singapore is a sufferer of its incredible success during the last decade. The actual fact that property prices were growing in dual digits for quite some time, led many builders to believe that it would continue forever. So there was all of sudden a glut of new apartment complexes in the location.
Naturally, when the supply will be lot more than demand in the real estate market or any market, you will probably have lots of unsold items or properties, which will lower the prices for everybody. That’s what exactly has took place in Singapore.
What it actually means to you
– Property Prices are on the downside, but that’s Healthy – The truth of the housing marketplace in Singapore is that property prices have been dipping since 2014. They have not bottomed out yet, but there is no question that the demand for new homes and rentals is not what it used to be four or five years back. But this is an excellent thing as this means that there surely is no threat of a house bubble soon.
– Residents definitely have significantly far more Options than before – One of the primary changes seen just lately is the fact that residents are actually in charge of rental marketplace. Landlords have found it harder than ever before to appeal to tenants and retain them. That is because tenants have many choices now than ever before.
As per estimations from the Urban Redevelopment Expert (URA) on Wednesday (Jan 3)
Private home prices dropped for the 3rd straight season, declining by 3 % in 2016
URA’s data exhibited that overall private personal property prices dipped by 0.4 % from the 3rd as well 4th quarters in the last year – the 13th consecutive price decrease.
Time Realty Network key official Eugene Lim observed: “Because of the insufficient positive financial information or news, we expect that prices will generally continue their downturn. However, clients might capitalise upon this on-going slipping prices to snag some attractive offers.”
Mr Lim forecasts that private home prices could witness 3 to 3.5 % fall this season.
Summary – Property Outlook in Singapore for 2017
With other major marketplaces throughout Asia are coming up with good numbers, the Singapore property market can be an attractive proposition relatively.
With long-term interest levels being increased, chances are that buyers will be cautious about the prices while selecting the properties. Nonetheless, it is expected that interest will steadily increase throughout 2017.