Singapore Property Market
Yesteryear couple of yeas have been good years for the Singapore property market, until the recent "cooling" measures taken by the Singapore government. This article serves as an update to people already in the Singapore Property Market or wish to enter the market. Luxury Condominium
Some analysts noted that while the market has remained resilient despite government's cooling measures, it seems to be near the tipping point. A recently available report by UBS predicts that home prices in Singapore might fall between 10 to 15 per cent in the next Yr.
There may be a couple more valid causes of the gloomier prospects:
1) The uncertainty in Singapore's economic growth as a result of global situation
2) The slowing population growth since the government moves to tighten immigration laws.
These factors could cause foreign buyers to step away, dampening the resale market activity.
The other school of thought is that of property agents who may have a stronger feel from the market than research analysts. Sales for your first half of 2012 alone shifted 11,928 units. Store bought homes dominated sales inside the quarter with 3,737 units or 69.2 percent of new home sales recorded in the Outside Central Region (OCR). The top selling mass-market projects were Ripple Bay, Flo Residence and Palm Isles shifting 568, 324 and 306 units respectively.
The main reason could be as follows: Implementation with the Additional Buyer's Stamp Duties (ABSD) in December 2011 had caused foreigners to steer clear of prime areas. Since its implementation, a clear, crisp reduction in foreign demand for private residential properties was observed. As a result, made properties in the suburban mass market segment more inviting to HDB (Housing Development Board) upgraders who buy using a longer term perspective.
Looking ahead, the record supply in the pipeline could further assist to alleviate any pent-up demand inside the Outside Central Region, thereby preventing spikes in property prices. Within the mid to long-term, strengthening global economies would also boost investor sentiment, leading to a gradual recovery of Core Central Region and Remainder of Central Region prices. Singapore New Launch
Ultimately, the healthiness of the Singapore property market relies upon the purchasing energy Singapore citizens. As long as proper measures are taken from the relevant authorities to stop shortsighted investments from leading industry, coupled with an absence of declining long-term global outlook, the Singapore property marketplace is definitely a good way to go for growing financial wealth.
