Welcome to this week’s market news update.
The recent years have been a roller coaster ride of ups and downs for Singapore real estate. The industry went to its peak in 2021 and got checked by the Government with cooling measures.
The borders reopening ripened a positive sentiment of property buyers and investors in 2022 only to be bumped by the onslaught of global and local events, Russia-Ukraine invasion, China’s recent covid spike, oil shock, inflation hike, and future Singapore tax hike.
As such, my wife and I are honoured to be featured in Top 10 Asia and Top 10 Singapore to share our journey treading the real estate market.
The article features how we discovered Singapore real estate is our calling, and how we struggled through the challenges, especially in the past 2 years, and played against the odds to serve our clients. We talk about our achievements, how we balance work and personal life and what is there for the youth keen to join the industry.
We bring you the highlights of Singapore real estate this week. Reflecting on last year, Singapore landed homes transactions grew impressively.
LANDED residential property prices in Singapore appreciated at the fastest pace in the past 10 years in 2021, surging 13.3 per cent year on year compared to a lacklustre 1.2 per cent expansion in 2020.
Though hotels seemed to be one of the worst suffered properties in the pandemic years, a NEW benchmark in per-room pricing may have been set in the Singapore hotel market.
The 134-room SO/ Singapore, which sits opposite Lau Pa Sat in the Central Business District (CBD), is being sold for about S$1.8 million per key, making for a total price of some S$240 million.
In fact, widening to global real estate, it seems a trillion dollars worth of wealth has been created in the pandemic housing market in the US.
The highest-income households, who own the most expensive homes, have seen the largest total gains. But because homeownership is so widespread in the US, the poorest fifth of households have also added about US$600 million in home equity in the last 2 years.
With such exponential gain in property transactions globally and in Singapore only to be met by the impact of global events, what is expected from the property industry?
Speculation about a possible housing bubble has taken full bloom this spring homebuying season. And talk of bubbles inevitably leads to the question of whether the bubble will pop with a crash or more gently ease back to earth in a modest correction. As homebuyer demand wanes, either one of two things can come next: a correction or a crash but a crash is UNLIKELY. Read on to know why.
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