With the current headwinds from the western part of the world and the latest set of cooling measures implemented in December 2011, the Singapore residential property market is likely to moderate in the short term, with some procrastination in homebuyers’ decision and possibly an evident downward re-pricing of residential properties.
The desire for owning private residential properties have been so overwhelming in recent years especially in 2011 where the set of government property cooling measures implemented in January 2011 did not completely rein homebuyers’ optimism.
Nothing beats than having a place to call your own, this has been an entrenched Asian mindset, especially in the context of land scarce cities like Singapore, Hong Kong and Tokyo, where having a place is a luxury but ironically, also an essential.
Although homebuyers are increasingly knowledgeable, savvy and discerning, particularly with the influx of property information available as pre purchase references, there are still some who will ‘wake up’ after signing on the dotted line.
More than half a year since the last round of direct private residential property cooling measures were implemented in January, private home-buying interest seem to have been moderated and probably, optimism has become a thing of the past.