Early To Know If Property Market Has Recovered

News Articles on Real  Estate Market

Regardless of the resurgence in private home sales, analysts think it’s still premature to say the real estate market has turned around, reported that the Straits Times.

Hoi Hup Realty sold all of its 531 units at Hundred Palms Residences EC in seven hours of this project’s launch on Saturday (22 July) — a feat last observed in 2014 with mixed growth The Hillford at the Bukit Timah area, while GuocoLand moved 90 from the 450 units during its luxury condo project Martin Modern at Martin Place over the weekend. Upcoming new launches like Le Quest By Qingjian see good response on its showflat opening.

Requirement for new launches

“The excellent performances of recent launches indicate that there’s pent-up requirement for Singapore properties… (But) prices have stubbornly continued to decrease.

Private houses prices dropped over the last three decades, albeit the rate has been decreasing, with costs falling 3.1 percent last year after declines of 3.7 percent in 2015 and four percent in 2014.

Report on latest stats

Depending on the government’s most current flash quotes, personal home values dropped by 0.3 percent quarter-on-quarter in Q2 2017, a small moderation from the 0.4 percentage quarter-on-quarter drop enrolled in Q1 2017.

The easing of prices has resulted in a rise in sales.

In the first half of 2017, over 6,500 new private houses, excluding ECs, were sold, up 72 percent in the 3,814 units sold in the preceding year.

Experts Talk

However, while analysts expect continued brisk buying action, they underscored that demand will be driven by site characteristics and not all projects are a sell-out.

“New launches are selling well mainly due to marketing hype… If the property market was so hot, why are we not getting a great deal of viewings for resale homes?”

“prices in the secondary market are still weak; many owners are available at reductions,” he added.