By Mr. Propwise 2020 has been such a surreal year. I haven’t done this for a while but think it’s worthwhile to 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. 2020 was the year of a “surprisingly stable market.” After a 1% decline in the URA’s Property Price Index (PPI) in 2020Q1 due to Covid fears, as of 2020Q3 we’ve seen a recovery past the 2019Q4 levels (153.8 vs. 153.6). And we’re just a small distance away from the 2013Q3 peak (of 154.6). This is despite the economy shrinking by 13.2% year on year and the unemployment rate rising by 0.5% to 3.8% in 2020Q2. Contrast this to the 2008Q3 to 2009Q2 period where we saw a 24.9% decline in the PPI over four quarters. The current period is more reminiscent of the 2000Q3 to 2006Q4 period where the market fell gradually for a long period before recovering....