Private Property Market Prices On The Rise Again
Singapore Home Prices On The Rise?
The private home property market was on the rise in 2017 through the first half of 2018, prompting the government to step in to intervene. As a result, the government introduced tough cooling measures resulting in the market sliding downwards for 3 consecutive quarters following the intervention.
The market stabilizes in Q1 and most of Q2 in 2019, as we observed buyers accepting the additional stamp duties thereby factoring this into the cost of ownership. Considering the Singapore property prices are still very underpriced compared to many other major cities worldwide, this has led to prices on the rise again.
Another reason for this rise in June can be attributed to 3 quarters of weak market performances prompting the government to once again intervene in June to cut the supply of residential units as part of its Government Land Sales Program.
Other factors contributing to this rise is the influx of foreign funds, especially from the high net worth individuals moving their funds from Hong Kong and China. The rich find Singapore to be a safer haven to park their monies.
Is this a good time to enter the property market now? Or should one wait for clearer signs of upturn?
26 July 2019
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