Read? Singaporeans snap up properties during worst ever recession
"I know the price will rise", said the 32-year-old, who has spent nearly a decade working in real estate.
Some buyers like Jenny Lin, a 26-year-old accountant, have viewed the pandemic as an opportunity to get on the ladder of the world's third most expensive housing market after Hong Kong and Munich, according to property consultant CBRE.
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CW,
ReplyDeleteIts data point of 2, but its quite telling both the buyers are below age 35...
Then again, I see old fogeys selling their investment properties and RETURNING back their property profits into CPF?
Its the classic youth versus experience.
I see Spring; I see Winter ;)
P.S. I don't think property prices are cheap. At least not like in 2003 "cheap" ;)
As an investment, property is just another asset like stocks or bonds.
ReplyDeleteIt's just much more emotionally powerful as it involves such a huge sticker price, life commitments, touch-and-see physicality, and a big part of everyday lifestyle (if you stay in it).
People are seeing or attempting to see A bottom in home prices here.
E.g.
Data.gov.sg URA statistics -- CAGR of 6.5% over last 45 years, but CAGR of only 1.8% over last 25 years for private non-landed.
SRX private non-landed -- This commercial property player tries to be more optimistic ... CAGR of 3.8% over last 25 years LOL.
No matter official or commercial stats ... the reality is that the huge upside growth in property prices is in the past.
The only "sure" way to earn supranormal profits is if there's a big "discount". E.g. BTO or EC.
Percentage-wise, BTO offers greater upside, but is constrained by quantum size (boasting of a 100% gains on a $300K BTO is still meh). Hence the hotness of EC.
Blame PAP for no foresight before AFC 1997/98 by allowing CPF members freedom to invest their money.
ReplyDeleteAsian syndrome in choosing property over all other investments! Just like cars also in SG.
ReplyDelete