Private Property Market Holding Up In June

Private Property Market Holding Up in June

Jul 24, 2019

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Private Property Market Holding Up In June

Despite a not-so-exciting economic outlook, the private property market performed well in the second quarter, with the transaction volume of new homes and prices both rising. This is also against the backdrop of the US-China trade wars, resulting in a boost in confidence especially investors.

The market is also adjusting to the new government cooling measures which were introduced last July as it usually takes about 6 months for the market to subsequently find a new equilibrium. This also means many consumers are adjusting and factoring the ABSD into the property costs.

The other factor contributing to this strength is the influx of foreign funds, especially from the high net worth individuals moving their funds from Hong Kong. The rich find Singapore to be a safer haven to park their monies and the prices of the Singapore property has been attractive compared to other major cities in the world, especially Asia.

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