Safety Measures Cooled Singapore Property Prices in Q2 – Time to Buy?
Is it a good time to buy now when safety measures cooled Singapore property prices?
On the 30th of July, Business Times reported that Tiktok ceo bought a GCB for $86 million.
Safety Measures Cooled Singapore Property Prices in Q2 | Time to Buy?
When I saw this article, it gave me a kind of deja vu feeling. Will history repeat itself? Is it a good time to buy now when safety measures cooled singapore property price? Let me share with you my thoughts. On the 23rd of July, Channel News Asia, reported that Singapore private home prices rise at a slower pace of 0.8% in quarter two, because of Heightened Alert. The increase was lower than the first quarter which rose by 3.3%.
Several factors contributed to this slow market in Q2. One of them is a moving control during this alert period. There are also fewer launches with the stricter measures imposed in the sales Gallery. now if you look back, we are back to the phase two between the 22nd of July to 18th August, there’s no dine-in and social groups have been controlled.
This is very similar to the first phase two control. There were be tightened social distancing measures on the real estate market in quarter three. Project launches that were scheduled for this month have been deferred. projects like Water Gardens at Canberra, Parc Greenwich which is an EC have all been deferred.
So the question is, is it a good time to buy now when safety measures cooled singapore property prices? Maybe I can answer this question from two angles. the short term versus long term. in the short term, for those buyers who are already the market had have done your bank loan assessment, maybe it might be a good suggestion to continue to look for your property and put the extra effort to find the dream home because now, there are less buyers in the market. You might have less competitions.
For those buyers who are not ready or have not started your search and you’ve not done your bank IPA (in-principle-Approval), for these buyers. I think it might not be wise to plunge into market at such a short notice. my thought is that be it in stock market or property market, you can never expect to buy at the lowest point and sell at the highest point. it is always in between. how about the long term?
In a Channel News Asia 23 July 2021 article “Singapore”s private home prices rise at slower pace of 0.8% in Q2“, it mentioned that there are longer term trends at play that may sustain the property market. Singapore, like a magnet to the super rich and foreign investors, will continue to pull in strong investment year after year.
Why is it so? on the 30th of July, Business Times reported that tick tok CEO bought a GCB for $86 million.
In this article it also listed the recent prominent GCB buyers. on the 31st of July, 99.co had this a very sensational piece of news. it reads: it is official tech and gaming related entrepreneurs are buying good class bungalow. Notice that among this good class bungalow buyers, it includes Singaporeans as well as naturalized citizens.
On the 30th of July. Straits times reported that a five room Bishan HDB flat sold for record $1.295 million, why are the local residents and the super rich are coming to Singapore to buy properties. Likely because they have confidence in the future of Singapore economy.
In conclusion, I know that there are a lot of temptations in the short term, be it the low interest rate, as low as a 1% for new launch. And there’s this biggest fear- I call it the FOMO ( fear of missing out ). When you see everyone’s buying, you feel like plunging in as well.
So whether the buy now when safety measures cooled Singapore property price. My advice is that it’s better to play safe and be prudent. Always look long term. Do your financial prudence, do your financial calculations and think for yourself. These are questions for you to ponder about.
- Are you ready to buy the property?
- Are you ready to service a mortgage loan for next 30 years?
- Are you confident that your jobs will be secure?
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