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Chong Qi Hui
Edited 19 Oct 2021
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A supply and demand question.
Various factors will affect the supply and demand equilibrium
How many buyers
How many Sellers
More BuyersSellers = Higher Prices, vice versa
Interest and Borrowing Rates. Lower interest rates, higher prices
Regulation and policy changes - Lower liquidity, lower prices
These are the factors in a general sense which affect the market.
Whether or not the recession will hit property markets depends on your assessment on whether the direction of the above factors will lead too.
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Likely since there's a lesser demand for private property. There will be higher rate of unemployment...
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Are Singapore residential prices being recession-proof?
Despite experiencing one of the worst #recessions, prices of Housing and Development Board (HDB) resale flats rose 2.1%, while the overall price index for private residential properties rose by 0.8% in the third quarter.
While I have analysed back in June this year that we will not see a massive correction on property prices like during the Global Financial Crisis back in 2008, the stronger-than-expected resilience in property prices coupled with an 11-month high in home sales in August defined the odds under the backdrop of #Singapore’s worst downturn and surge in job losses.
There are several reasons:
In addition, the Total Debt Servicing Ratio (#TDSR) ensures that people are not over-stretched and are able to pay their mortgages, hence they are not forced to sell at excessively low prices.
In addition, the expected delay in Build-to-Order (#BTO) projects due to the construction suspension in April and May will drive up demand for HDB resale flats, hence we have seen prices experiencing their fifth straight quarterly gain in the price index.
Be headful my friends as we are unlikely to see a price correction in Singapore's #residential property market this year!
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