Singapore Property Market

Singapore Property Market

The past couple of yeas have been good years for the Singapore property market, till the current "cooling" measures taken by the Singapore Property Valuation government. This article serves as an replace to these already in the Singapore Property Market or are looking to enter the market.

Some analysts noted that while the market has remained resilient despite authorities's cooling measures, it appears to be close to the tipping point. A current report by UBS predicts that house prices in Singapore might fall between 10 to 15 per cent within the subsequent 12 months.

There could also be a pair more valid reasons for the gloomier prospects:

1) The uncertainty in Singapore's economic growth due to the global state of affairs
2) The slowing population progress as the government moves to tighten immigration laws.

These factors might cause international patrons to stay away, dampening the resale market activity.

The opposite school of thought is that of property agents who might have a stronger really feel of the market than research analysts. Sales for the first half of 2012 alone shifted eleven,928 units. Mass market properties dominated sales in the quarter with three,737 items or 69.2 per cent of new dwelling sales recorded in the Outside Central Area (OCR). The top promoting mass-market projects had been Ripple Bay, Flo Residence and Palm Isles shifting 568, 324 and 306 units respectively.

The reason could be as follows: Implementation of the Additional Buyer's Stamp Duties (ABSD) in December 2011 had caused foreigners to steer clear of prime areas. Since its implementation, a sharp reduction in foreign demand for private residential properties was observed. This in flip, made properties in the suburban mass market segment more interesting to HDB (Housing Development Board) upgraders who purchase with a longer term perspective.

Wanting ahead, the file provide within the pipeline could additional help to alleviate any pent-up demand within the Outside Central Area, thereby stopping spikes in property prices. In the mid to long run, strengthening global economies would also boost investor sentiment, leading to a gradual recovery of Core Central Area and Rest of Central Region prices.

Ultimately, the health of the Singapore property market hinges on the purchasing power of Singapore citizens. As long as correct measures are taken by the relevant authorities to stop shortsighted investments from leading the market, coupled with an absence of declining lengthy-term international outlook, the Singapore property market is definitely a good way to go for rising financial wealth.

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