More new units are launching in the Singapore market than the past two years, leading to slower price increases for non-landed private homes– and a more selective buyer base, reports Knight Frank.
Nicholas Keong: “Homebuyers have more choices now than they did in the property boom during the pandemic, and the variety of options have led to longer decision-making before purchase,” said Nichols Keong, head, residential and private office, Knight Frank. For 2023, total transaction volume was 17,389, with new sales volumes dropping 43.2% in Q4 to just 1,086 units sold. That does not mean that demand is not there. It is possible that home buyers have momentarily fled to the sidelines until interest rates fall, Keong noted.“With interest rates expected to fall only from the second half of 2024, some homebuyers are adopting a watch-and-wait posture until more certainty prevails in the borrowing rate environment,” Keong said.
With the number of upcoming launches, homebuyers will likely seek quality over price, tempering price growth to between 3% to 5% in 2024. Since you're here...
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commentary: Bright prospects for Singapore-Malaysia ties in 2024, but strong commitment needed on both sidesThe recent progress in bilateral ties between Singapore and Malaysia points to a need to ensure consistency and continuity in improving diplomatic relations, says this RSIS research fellow.
Source: TODAYonline - 🏆 1. / 99 Read more »
Singapore Discovery Centre becomes first energy-positive museum in SingaporeThe Singapore Discovery Centre is the first museum in Singapore to generate more electricity than it consumes. The decades-old attraction became energy-positive after generating about 30 per cent more energy on average than it needed from October to February.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Report shows gov’t is still number 1 trusted institution in Singapore —Singapore Newsin contrast to Singapore’s results, government is distrusted in 17 out of the 28 countries surveyed, including the United States
Source: IndependentSG - 🏆 9. / 63 Read more »
Dr Eugene Tan to be new CEO of National Gallery Singapore and Singapore Art MuseumDr Eugene Tan will take on the role of chief executive of the National Gallery Singapore and Singapore Art Museum from April 1. He will also take Ms Chong’s other portfolio as head of the Visual Arts Cluster, which comprises the two museums and STPI – Creative Workshop & Gallery.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Singapore Airlines flight bound for Singapore turns back to Sydney due to technical issueA Singapore Airlines flight bound for Singapore had to turn back to Sydney after a technical issue was discovered. The flight eventually took off again and landed in Singapore later in the day.
Source: The Straits Times - 🏆 8. / 63 Read more »
Cillian Murphy to return as Tommy Shelby for Peaky Blinders filmSeries creator Steven Knight confirmed that filming will begin in September.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »