It may sound like a bit of a strange title, given that most people wouldn’t expect to associate gains with the word Covid-19, but this is the current situation we find ourselves in.
If you’ve been following the news, you’ll notice that Covid-19’s effect on Singapore real estate has been surprising. In April 2020, for instance, analysts predicted a fall of between three to five per cent in the property price index; some predicted a correction of as much as eight per cent.
So far, the market has refused to behave itself.
Private home prices for Q3 2020 went up again, by 0.8 per cent – this is about three times higher than the 0.3 per cent in Q2. Bizarrely, it was only in Q1 of this year – before the Circuit Breaker – when prices dipped by one per cent.
On a year-on-year basis, prices have been mostly flat; but they’re still slightly up by around 0.1 per cent compared to 2019.