Experts differ on where they see prices headed, having a couple of predicting firm house values inside the light of low interest rates for an additional couple of years as well as the strong holding energy of designers and houses. Location is also necessary, with choicer sites – especially people close to MRT stations or transport nodes – prone to endure better just in case of conditioning demand.
Those who expect prices to fall mostly see it happening in 2013 and 2014, as the construction of many suburban projects reaches completion. Prices for the rest of this year are likely to hold firm, said Mr Joseph Tan, CB Richard Ellis (CBRE) executive director of residential.
But experts admit the market outlook continues to be clouded through the global market unpredictability, the ecu sovereign debt crisis and perils associated with another global recession, using the U . s . States economic recovery stalling. How these occasions pan out within the next couple of several weeks will have an effect about the take-from new launches and where costs are headed, they predicted.
SLP International research head Nicholas Mak sees a more than 50 per cent chance of a correction in the next three years. Whether this will be a short blip or sharp drop, however, depends on how the macroeconomic situation plays out. RBS’ analysts, however, expect mass market homes to be in short supply till 2014 due to the population jump in the past five years and the lower-than-average home completions in the past decade.
As Singapore’s population continue to grow towards the 6 million mark, what does this mean for home prices and affordability?
The population increase in the last 5 years averaged 3.5 percent annually in comparison towards the 1.9 percent annually growth from 1996 to 2005, they noted, driven by a rise in the amount of non-Singaporeans. ‘Work permit holders who bring home under $1,800 monthly paid for for that biggest number of non-Singaporean people. This had increased interest in mass residential houses and also the segment would continue being undersupplied until 2014,’ the report added.
Take Costa Del Sol, for instance. Costa Del Sol can be found from the ECP, off Upper New England Road. It includes seven towers, each at 30 storey high. Each unit should focus on the breathtaking sights from the ocean over the complex. Be prepared to visit a undisturbed, breathtaking look at the ocean if you reside over the twelfth storey.
This has thrown up the question of when buyers should make their move, in the light of the various factors and uncertainties in the market. While home buyers often try to time the market, experts say that this is very difficult. Affordability should be the key consideration instead.
Buyers also have to consider their motivations for purchase – budget, urgency of need and availability of what they like, for example – and the type of product they are looking for.
Want to find out more about Costa Del Sol, then visit Kenneth Tan’s site on how to choose the best Singapore Condo for your needs.
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