Singapore, 07 Apr 2021 Contrary to expectations, the recession has not taken the wind out of the property market’s sales. According to PropertyGuru’s Singapore Property Market Index Q1 2021 report, sales at the end of 2020 did not experience their customary seasonal dip. In fact, the PropertyGuru Property Price Index (SPPI) rose by 0.98% to 113.5 points, making Q4 2020 the third consecutive quarter in which non-landed property prices rose.
Q1 2021 is expected to follow suit: Last week (1 Apr 2021), the Urban Redevelopment Authority (URA) released flash estimates of a 2.9% rise in prices for Q1 2021, which is the highest growth since Q2 2018.
Jason Tan, Senior Associate Executive Director at OrangeTee & Tie said “If stabilising the property market is what the government is aiming for, tightening the borrowing limit will definitely be one of the considerations. This will be a wise decision as it provides more prudence to purchasers in such uncertain economy conditions,”