Urban Redevelopment Authority (URA) recorded fourth quarter 2016 decline in private home prices in Singapore fell for the 13th time in a row. With an estimated quarterly fall of 0.4% on an annual basis and eventually total decline of 3%.
Chief Executive Officer (CEO) PropNex Realty Ismail Gafoor said, this price reduction will lead to lure investors. However, on the other hand the decline also reflects the sentiment that the market is currently sluggish, so the impact on the steps defuse the volatile property market (especially price). For 13 consecutive quarters, private home prices have plummeted and 2016 was the lowest price since 2014.
Personal property prices have reached the point of stabilization of the market and looks of the performance of various regions. Listed price to be sufficiently attractive to investors, especially in the Core Central Regions (CCR). Prices in CCR have achieved growth of 0.0% in the fourth quarter of 2016, and Private Property Price Index in 2016 with the smallest decline in the last three years. So the signal is greater than the market confidence more buyers enter the market, "he said as quoted from page opp.today, Wednesday (01/04/2017).
Meanwhile, the house is a small cost to the product and the location will be the factors most targeted home buyers. The housing market seems to be continuing decline in prices, but there is the possibility of rising demand due to various factors, ranging from the Total Debt Servicing Ratio (TDSR) and the Additional Buyers Stamp Duty (ABSD) jointly control the rise in home buying activity. Buyers are now more savvy and began investing in private homes.
"The current price attractive to investors in 2016, and we predict that the volume of transactions in the private housing segment at the end of 2016 in the range of 16,000 units, an increase of 13% from 2015. Despite the uncertain economic prospects and interest rates are predicted to rise, we expect the price tends to be stable at 2017 with the possibility of a negative growth of no more than 3%, "he explained.
