The Singapore property market has been in flux in recent years, but there are some signs that the market set for a turnaround within the next few years. The signs indicate that it is not happening all at once, but the property market is showing signs of life as Singapore starts to bounce back. The prices are not going to be what they were a few years ago, but there is some light shed on the property market. Here are some telltale signs that the real estate market is making a comeback once again in one of the worst time for
Here are some telltale signs that the housing market is making a comeback once again in one of the worst time for the property in Singapore history.
Transaction Volume Increase
From January to November of 2015, the transactions in Singapore’s property has increased from 2014. While the prices were lower in 2015 than in 2014, some deals show promise that the real estate market is back on track. Property sellers may feel that their properties are becoming more realistic than in years past, and are starting to place the values in the right price range. The increase in transactions indicates that more properties are turning over for a better price than they were.
Property sellers may feel that their properties are becoming more realistic than in years past, and are starting to place the values in the right price range. The increase in transactions indicates that more properties are turning over for a better price than they were.
Location Dictates Price
The buyers and sellers have dealt their hands at the lower prices, but the location is the determining factor when the prices are set. In the CCR areas, the lower prices have led to more transactions because the supply outweighed the demand. It is a clear indication that the CCR areas are more profitable than other regions, like the RCR and OCR. The lower prices have led to better locations becoming more affordable because developers are starting to get more creative and selling below replacement cost. More than 100 units have sold within the last two months due to the lower prices at OUE Twin Tower, with units taking 30% off their original asking price.
The lower prices have led to better locations becoming more affordable because developers are starting to get more creative and selling below replacement cost. More than 100 units have sold within the last two months due to the lower prices at OUE Twin Tower, with units taking 30% off their original asking price.
How Property Market is Growing
The rebound the statistics show that the Singapore property market is in steady incline compared to the lower prices from recent years. The increase in transactions and the small increase in prices of certain locations have indicated that the property market is starting to turn around. While it is not a dramatic increase, the results are promising for both buyers and sellers in the Singapore region. In an area where the property market is one of the Singapore's worst, the signs of life prove that the real estate market can make a comeback.
Acceptance of lower prices has helped people buy a home they may never have the chance to before the HDB programs assisted them. HDB programs have lauded much support for public housing have attributed to the growing market. The property market proves it is gaining traction because there’s always someone looking to upgrade their assets. Upgraders and people sitting on multiple properties are the driving force for the reclamation of Singapore’s real estate market.
The resale values in particular areas, such the CCR by Orchard Rd., have privately owned properties that occupied by owners who have no inclination to sell right now. If the price set attractively enough, they may consider it, but that is a big question mark, especially for those who do not know what price to offer.
It all comes back to the location and where someone may be looking to move. Locations like the OCR where the east coast and upper east coast lie, hold some excellent properties that should become available for the right price.
What Does It Mean?
While it remains to be seen how the market eventually plays out, it is a buyer’s market heading into the future. Anyone who may not have been able to afford particular property can now find their ideal home for a reasonable price. Areas that have been coveted and priced exorbitantly have begun to favor anyone looking to purchase some new property.
The housing market has shifted, and people who could not afford a new property now have the power to control the market. It is bittersweet for any property owners who were looking to cash in on their property, but as the market continues to grow, it will even out eventually. As the government starts to consider other options, other than the HDB, the property market will get back to even, and now is the perfect time to find the right property for a decent price.
While the property market in Singapore has been in flux recently, the trends are starting to show that it is making a comeback. As more people are looking to purchase new properties, investors, and first-time buyers should be aware of the growing trend.
It may take years before the market is back to its normal state, but in case it does not revert, being prepared will help.
Agents like Dylan will give you the best advice on how the housing market is starting to grow, and how it is the perfect opportunity for anyone looking to get in on the property market.
HDB have allowed many people to get into their dream home, and you can contact Dylan to give you more information on how the housing market will continue to grow into the future.