Singapore, 20 Apr 2021 When the world began battling the COVID-19 pandemic in 2020 it was clear that many industries, particularly the tourism and event management sectors, would inevitably take a hit. Singapore’s real estate industry is no exception.
When circuit breaker measures were implemented, house viewings were halted and the growth of the private residential property market was uncertain. Unemployment and the overall financial impact of the pandemic on potential homeowners were also factors to be considered.
Buying activities may also begin to rebound in particular locations as circuit breaker measures ease and some foreign buyers return after the travel restrictions are lifted, writes OrangeTee & Tie's Christine Sun in a 2020 market analysis. Sun notes that over the past two years, Chinese buyers made up the biggest foreign buyer group and may continue to be so given pockets of growth across sectors, such as IT, biomedicine, and healthcare. As such, Sun expects these buyers to consider purchasing properties in Singapore.