The Direction Of Singapore Condo Property Market

Experts differ on where they see prices headed, with some predicting firm home prices in the light of low interest rates for the next two years and the strong holding power of developers and households. Location also comes into play, with choicer sites – especially those close to MRT stations or transport nodes – expected to hold up better in the event of softening demand.

Individuals who expect prices to fall mostly view it happening in 2013 and 2014, as the making of many suburban projects reaches completion. Prices for that relaxation of the year will probably hold firm, stated Mr Frederick Tan, CB Richard Ellis (CBRE) executive director of residential.

But experts admit that the market outlook has been clouded by the global market volatility, the European sovereign debt crisis and risks of another global recession, with the United States economic recovery stalling. How these events pan out in the next few months will have an impact on the take-up of new launches and where prices are headed, they predicted.

SLP International research head Nicholas Mak sees a more than 50 per cent chance of a correction in the next three years. Whether this will be a short blip or sharp drop, however, depends on how the macroeconomic situation plays out. RBS’ analysts, however, expect mass market homes to be in short supply till 2014 due to the population jump in the past five years and the lower-than-average home completions in the past decade.

As Singapore’s population continue to grow towards the 6 million mark, what does this mean for home prices and affordability?

The people rise within the last five years averaged 3.five percent yearly in contrast for the 1.9 % yearly growth from 1996 to 2005, they noted, driven with a increase in the quantity of non-Singaporeans. ‘Work permit holders who buy under $1,800 monthly taken care of for your greatest quantity of non-Singaporean people. This had elevated curiosity about mass residential houses as well as the segment would remain undersupplied until 2014,’ the report added.

Take Costa Del Sol, for instance. Costa Del Sol can be found from the ECP, off Upper New England Road. It includes seven towers, each at 30 storey high. Each unit should focus on the breathtaking sights from the ocean over the complex. Be prepared to visit a undisturbed, breathtaking look at the ocean if you reside over the twelfth storey.

It has tossed in the question of when purchasers should make their move, within the light of the several factors and questions on the market. While home purchasers frequently attempt to time the marketplace, professionals state that this is difficult. Cost ought to be the key consideration rather.

Customers should also consider their motivations available – budget, emergency of need and ease of access to whatever they like, for example – and also the type of product they are trying to find.

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