Adhering to a fad that began last year at the start of the Covid-19 pandemic, Singapore’s residential or commercial property market grew throughout 2021.
According to Preacher for National Growth Desmond Lee, exclusive real estate prices increased by 9% given that Q1 2020, while HDB resale flat costs rose by 15% in the same duration. That’s a rather solid revealing considering that there is still no end in sight for Covid-19. (Like a poor motion picture series, it keeps producing installment after installment.
With the new cooling procedures announced, will the residential or commercial property market do an about-turn? Here’s our handle what remains in store in 2022.
Why did Singapore’s residential property market do so well in 2021?
2021’s upward spiral of residential property costs can be referred to as a best tornado of several merging factors.
Initially, there is the solid regional demand for real estate as millennial couples seek to get their initial homes. But with BTO flats postponed because of border closures, the YOLO generation is counting on HDB resale flats rather, driving resale costs up.
Capitalizing rising HDB resale prices, HDB occupants took the opportunity to market their homes at a profit and upgrade to bigger, better-located HDB flats or exclusive condos. At the same time, foreign investors poured money into the safe house that is Singapore’s residential property market, driving demand up for high-end buildings.