Property News & Market Trends

Property News in a nutshell - April

Can anyone expect the number of transactions to drop like a bombshell since its peak in June 2007?

In June 2007, there were more than 4336 private transactions, inclusive of new, sub-sales, resale, landed and apartments. Not including the thousands of option-trading happening across all sectors.

Unfortunately, good fortune never lasts. In March 2008, transactions plummeted 79% as compared to June 2007! There were only 931 miserable transactions. High-end properties see the biggest drop and prices are starting to fall as buyers/investors literally varnish!

Check with any agents handling private properties; resale, sub-sales or new projects, and they will lament to you that advertisements in Classifieds produce either no responses or very miserable number of calls. In fact, most agents are losing their pants, burning more money in the papers since there are no responses. Poor thing.

This downward trend may continue for the rest of the year. Many home sellers are hoping that the coming F1 in September and the opening of IR next year will bring some good news. Unfortunately, it may not seem so. By 2009, there will be at least 3000 units available for rent with at least a rental peg at $5000 and above. Already, the past 3 months had seen a drastic drop of tenants with budget of $5000 and above. In fact, responses for rentals above $3000 have dwindled and landlords are starting to be less "choosy".

The boom is in the HDB rental arena. Many are group tenants, not preferred by private home owners. Rentals below $2500 and allowing group sharing is a hot commodity. Looking at the influx of foreign "talents" who are likely to pay about $300 - $500 per person, high-end properties would be a sad miss for the majority of these people.

This can result in many investors off-loading their "prized" catch. I hope it will not happen but looks like the market may not hold too well. That's what property cycle is all about. What goes up will come down. The question is - sooner or later.

Bingo! U got a Match!

More ...

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