Many buyers and investors has been asking this question, is now the right time to enter the market? Will the price drop further after CB is lifted?
The truth of the matter is, Singapore is still a land scares country, there will be lesser supply of apartments in the next few years. Supply demand plays an important role to strike a balance on the pricing in the real estate market. There isn't much support to reduce the price when the development cost will only go up with higher land cost, labour cost and development charges. Other pull factors such as population growth, many aspiring HDB upgrades whom their flats will reach MOP this year, plus people who are seeking to right size their current property either for retirement or reduction in expenditure, will keep the demand up still.
Is is also evident that the remaining supply of current new launch project's take up rates is between 41.9% to 86.1% sold. Which means stocks are running low and with limited new supply, where would you think the market will drive to?
Singapore is still a safe haven for foreign investors in the region. Many investors opt Singapore as their top choice in terms of suitability for Expats, Quality of Life, political stability and not forgetting, no capital gain tax. Singapore remains an attractive investment ground for foreigners in the long run.
Investors and home owners are also leveraging on the current low interest rates to enter the market. Government intervention by pumping huge sums in support of the impact on Covid-19 will also provide a cushion for rebound when CB is over. It is no wonder that during the start of circuit breaker till 3rd week of May 2020, 200 over new launch project around Singapore has been snapped up. Developers are given attractive discounts for certain projects for a limited time offer. If this is not the right time to enter the market now, when will it be? The right time to be in the market, is when you are ready for the market.
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