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PROPERTY investment sales in Singapore are likely to rebound as vaccination programmes are rolled out next year, with business sentiment picking up and border restrictions gradually eased, announced Michael Tay, head of capital markets for Singapore at CBRE on Monday (21 Dec 2020). The Singapore investment market has been resilient and has demonstrated its ability to recover from crisis situations in the past. This was apparent post-global financial crisis when real estate investment sales volume improved by a strong 265.4 per cent in 2010.
December 2020 sales is also expected to spike with one prediction that sales could be 70 per cent more than November's 767 as December sales of new private homes may hit 1,300 units - including new launches Clavon and Ki Residences - plus another 500 from older projects.
With economic growth predicted for 2021, prices could go higher and is one reason people buy now," said Nicholas Mak, ERA Realty, head of research & consultancy. "Instead of winding down and preparing for the new year, developers are gearing up for more launches and some buyers are hunting for attractive deals," he said.
December 2020 sales is also expected to spike with one prediction that sales could be 70 per cent more than November's 767 as December sales of new private homes may hit 1,300 units - including new launches Clavon and Ki Residences - plus another 500 from older projects.
With economic growth predicted for 2021, prices could go higher and is one reason people buy now," said Nicholas Mak, ERA Realty, head of research & consultancy. "Instead of winding down and preparing for the new year, developers are gearing up for more launches and some buyers are hunting for attractive deals," he said.
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In total, developers sold 8,791 private residential units in the first 11 months of this year despite global Covid-19 pandemic - described as the worst economic crisis to hit the world. The property market during this pandemic period also surprised analysts as prices risen across all sectors - HDB resale, private resale and private new residential condos.
In fact, Singapore's new condo sales market is on its way to end the year with a total sale of 10,000 to 10,500 new private housing units for the whole of 2020. Total new condo sales in 2019 was 9,912.
Life seem to be returning to normal with larger crowds at malls, restaurants and supermarkets. GDP is expected to recover by 2021 with 5.5 per cent growth according to economists. Public confidence in the government's handling of the economy and Covid-19 situation is also high while looking forward to the government's Budget 2021 announcement in the coming February 2021.
In fact, Singapore's new condo sales market is on its way to end the year with a total sale of 10,000 to 10,500 new private housing units for the whole of 2020. Total new condo sales in 2019 was 9,912.
Life seem to be returning to normal with larger crowds at malls, restaurants and supermarkets. GDP is expected to recover by 2021 with 5.5 per cent growth according to economists. Public confidence in the government's handling of the economy and Covid-19 situation is also high while looking forward to the government's Budget 2021 announcement in the coming February 2021.
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Huttons Asia's real estate professional Kiwi Lim believes that with healthy demand from new and resale markets, coupled with the declining unsold stock of new condos in the market, 2021 may continue to see an increase in local property prices especially when its spurred by the low interest rate environment and ample liquidity. Singapore has proven its ability to handle the pandemic while maintaining macroeconomic stability and keeping a politically-neutral stance amidst the chaos of the world. All these make Singapore very very attractive as an investment destination.
From Business Times article on 22 Dec 2020
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