Table of Contents
Overall Private Resale Property Price Index
As seen from the above Private Property Price index that spans over the last 15 years, property prices generally trend upwards over the years.
The first uptrend is after the SARS period which sees the property price rose 101% following by a dip in 2007 where the Global Financial Crisis and Swine Flu kicks in that see property price drip 34%.
From 2008, property prices rose steadily until 2013 where the cooling measures kick in. There’s a total of 8 cooling measures being implemented. Still, it can be seen property prices rose slow and steady with 87% increase over the 6 years.
Why Prices will hold despite this crisis?
- No more speculators
- Holding power
- No urgency to sell as owner stay
- Affected by TDSR and Seller Stamp Duty (SSD)
- Affected by Additional Buyer Stamp Duty (ABSD)
- Reduction in Interest Rate
- Government support with close to $100b subsidy
- Strong demand from nearby rich foreigners