Posted on May 16, 2010 - by Kay Toh

Property crash of 1996

I’m not sure if anyone still remembers the previous property crash of 1996 where prices of properties tumbled over 40% from the 2nd quarter of 1996 to the 4th quarter of 1998. Going by the euphoria sweeping the market and the tendency for people to forget, the bad memories of this crash are probably distant by now.

I found an excellent chart on the private residential property price index on Singapore Real Estate Info here that gives a graphical representation and the significant news and measures taken by the government from 1960 until 2010.

(Taken from singaporerealestate.info)

Back then at the peak of the market, the property news that made it to the papers were of the following;

• Enbloc sales being carried out or being proposed at private estates
• Record sale prices by developers
• Buyers queuing overnight with long queue lines at launches
• Influx of foreigners buying properties
• Flipping of properties to get rich

Read more…

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