A post on Reddit reported that since 2009, household income has outpaced the rise in property prices, which precipitated rave online comments on the credibility of the report.
It’s an intriguing stat, isn’t it? Does this explain why property prices have risen the way they have despite the pandemic?
After all, property prices have been soaring since late last year and have not shown signs of abating. The recent bullish land bids arising from developers’ dwindling land bank and land scarcity are likely to push prices further north in the coming years. Yet, demand from home buyers remains robust as evidenced by the strong sales from the new launches. To some, this is surprising and even generated rife speculation of fresh cooling measures on the ground.
Naturally, I was curious too if this meant more Singaporeans have really become “crazy rich Asians” overnight,