Singapore, 02 Apr 2020 Private home prices dropped for the first time in a year by 1.2%. This drop was seen across all segments; landed and non-landed, as well as across all regions. The Covid-19 pandemic's impact on the property market, as Singapore heads into a recession, remains to be fully seen and will depend on the length of the outbreak. But fiscal support and relief measures should ease the strain and stem job losses.
The property market is likely to stay afloat as long as unemployment remains low and people are able to service their mortgages, said Ms Christine Sun, head of research and consultancy at OrangeTee & Tie.
She said she is not expecting dramatic price corrections in the coming months despite the worsening outbreak. "Many property measures have already been put in place over the past years to ensure financial prudence among buyers. The possibility of many home owners slashing prices or defaulting on housing loans is not high," she added.