Yup, the Singapore Property market has been trending slowly downwards in recent years. Not a drastic drop – which would probably prompt the government to remove the ABSD restriction.
Well, I have been standing at the sideline hoping for the market to trend lower. Given that a number of developers will be impacted by the QC and ABSD for unsold units, the next couple of months or next year would be an interesting time.
The consensus among property agents I hear often is that currently, it is ‘nobody’s market’. It is neither the buyer nor seller’s market. Well, interest rates are still relatively low, so owners with outstanding loans are not in a rush to sell (since they can still afford the monthly loan repayments), however rental market is terrible. Incidentally, with older developments, most owners would have fully paid for these properties (with no outstanding loans).
On the other ......