Recently, there are reports on units in high-end condominium projects being sold at a big loss.
As property buyers, we hear too often from developers and property agents that property prices will always go up in the long run.
Does the property market always manage to recover, with prices going higher than the previous peak? Is it true that any time is a good time to buy?
Below is an abstract from my book No B.S. Guide to Property Investment about one of my real-life property stories and the lessons learned.
In 2003, I bought a unit in a seafront condominium.
When it was under renovation, two neighbors staying at the units above mine dropped by for a chat.
They both bought their place first-hand from the developer.
“Do you mind telling us what price you paid?”
I told them the amount.
“Oh, that was more or less ......
