Home buyers are looking to buy their next home or make an investment in the next few months in the believe that Singapore property market is strengthening, according to Propertyguru’s latest Consumer Sentiment Survey.
In article by Property Guru website, a portal offering listings of Singapore private residential apartments or HDB flats by property salespersons, the factors driving this belief are:
- improvement in Singapore’s economy
- lowering of Seller’s Stamp Duty (SSD) rate
- increased transaction volume crossing 10,000 units since 2013 in primary market sales
- unsold inventory level at historic low
- displaced households from on-going en bloc sales
- fear of rising home prices in view of aggressive bids by developers for residential land
Potential risk factors in Singapore Property market
While various indicators point to rising prices in Singapore’s private residential apartments, it is prudent for home buyers to also take into consideration potential downside such as:
- warning by MAS of “excessive exuberance” in the property market
- potential increase in mortgage rates
- declining rental market for investors
Is it a good time to buy a Singapore Property now?
Many property experts and reports are of the opinion that 2018 will be a ‘hot’ year for Singapore Property market, as current increase in home price is still low when compared to peak years.
With a view that home prices will slowly inch-up at the back of a strengthening economy, home buyers will likely make a move if their plans to make a purchase is within the next few years.
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