By Mr. Propwise
It’s that time of the year where I take a look back at what’s happened over the past twelve months, then try and say something intelligent about the future direction of the property market over the next year. But this year I’m particularly apprehensive, as 2016 was the year where the majority of forecasters failed to accurately call the most major events such as Brexit and the US Presidential Elections.
2016 was a continuation of “death by a thousand cuts.” After a 3.7% decline in the URA’s Property Price Index (PPI) in 2015, as of 2016Q3 we’ve seen another 2.6% decline in 2016 so far. This averages out to a less than 1% decline per quarter over 12 quarters since the peak in 2013Q3.
Contrast this to the 2008Q3 to 2009Q2 period where we saw a 24.9% decline over four quarters. The current …