- May 29, 2020
- Posted by: avantmortgage
- Category: Mortgage
How Singapore Property Market is likely to move after Covid-19 – Singapore has a very strong and robust property market that has very good investment potential and also because Singapore has very limited space in its city centre, the prices of core properties within the city limits are going to see a continuous upwards growth.
Singapore is currently expecting to have a shrinking in its GDP for the year of 2020 up to 7% and this is likely to get better if things start to recover globally, though it is currently still too early to tell and we might not be able to see much improvements globally with many nations still under lock down and economic activities around the world are at a minimal. Most busiensses are not open other than essential services.
Singapore property market has been red hot for the past decade with the Singapore government placing a lot of cooling measures to ensure that there are not bubbles forming in the private housing sectors. This allows most Singaporeans who wish to upgrade to a better housing a chance to still do so and also allowing modest increase in the property prices.
With the Covid-19 economic down turn, in the short term, we will likely see some forms of fire sales where persons who may have been retrenched or business owners facing cash flow issues selling off their assets to create more cash flow to get pass this tough period.
In the longer term of 1 to 2 years horizon, most of the time, Singapore after a recession will likely see a big rebound from the previous year and strong growth. So our prediction is that Singapore will still see modest gains in the property investment sector and also with that the recovery of the economy will help spur the construction sector to have a much stronger showing.
Avant Mortgage would like to work with you to assist you with your Singapore Home Loan Mortgage needs. If you are not sure or confused about how mortgage loans work and also the packages involved, you can speak to us to find out more.
How Singapore Property Market is likely to move after Covid-19