For those who have entered the market early, good news abound ahead. In the market of private Condominiums, considered to be the “backbone” of the property market, prices have finally eased since the shocking collapse in 2009 (where a global economic crisis occurred.) It was joined in its decline by landed property, another staple of the propertymarket that was hit hard by the fall.
Prices for Condominiums are stabilizing in 2014, although the Index is still expected to fall by analyst by anything from 1 to 10%. This has been the result of many other factors. For example, the weaker HDB resale flat prices lead to greater demand for mass-market private condos. In addition, 20,000 private homes are expected to be completed this year, which will add a new significant supply to the market. However, Singaporeans are currently entering a period of eroded borrowing capacity, which might hinder their ability to take advantage of such a fact.
The head of Singapore research at DTZ, Lee Lay Keng has given his opinion on the situation in this statement: “This year could be more of a buyer’s and tenant’s market, with prices expected to continue to soften against a low transaction volume and rents could be affected by the large supply that will be completed this year. However, we do not expect a major price correction given moderately improving economic sentiment, and interest rates expected to still remain low.”
Indeed, we foresee a number of new investors might believe that this is the perfect time to jump into the market. This will help stimulate the market even more, which can lead to more good news in the future. If you are looking to acquire the property of your dreams, this year is shaping up to be a golden opportunity to fulfil your ambitions.
We hope this has been helpful insight into your future plans of property investment. If you’re looking to take advantage of this opportunity, at Condo New Launches we have a wide variety of information on new properties for you to pursue.
