Property price! Property price! Property price! Why does property price keep rising? This has been a much talked about topic for quite some time. Everyone talks about rising property prices but why doesn't anyone remember falling property prices? I'll tell you a secret. It took HDB prices 10 years to recover from a crash! Yes, 10 long years. Now what was I doing 10 years ago? I was still in secondary school. To be exact, the crash happened in 1997 when I was just 9 years old. So how did I know or remember it? The truth is I don't but history is always documented somewhere.
Let me show you the evidence.
HDB resale prices from 1994 to 2013
The year 1996 was the prelude to the Asian financial crisis. I'll skip all the nitty gritty of what exactly happened. If you're interested, you can search for Asian financial crisis ......