We are in the midst of a coronavirus crisis which has affected the economy, which has led to many devastating consequences. One aspect which has taken a hard hit is the homeowners and the buyers in Singapore. It is not necessary that in the midst of a crisis, and it does not have to have to mean that someone will lose money and gain some in the money. Try to make sure that you are grabbing the situation well, which is also one of the most difficult as well as one which is gaining opportunity.
Many people are comparing the outbreak to the SARS outbreak, which happened in the year 2002 Nov to 2003. The property market was low for consecutive four years, and the average psf and lower total transaction can easily be indicated with a drop in total volume by 41.6%. But, to date, the average psf which fell is about 16%. The market in general recovers quickly and can be one of the top bets for coming years as the average psf can double up to $1,247 on average. The three important factors to known during the coronavirus crisis in the property sector include:
- Coronavirus is not an issue for the Singapore Economic Fundamental: Coronavirus, although very dangerous has not proven to be a huge issue when it comes to the property sector. It is more like a trend which will eventually fade away once the corona is taken care of in the economy.
- Experience of the SARS: Singapore government because of the SARS outbreak, today, is well equipped with good health care systems and equipment which is required to help handle the situation in the best ways.
- Cooling measures are taken: The cooling measures like MSR, TDSR, ADSB, SSD which are still in force. There are many people who are not trying to sell crazy in this difficult situation.
There are still many good opportunities to buy and sell as Singapore has some of the top-end property markets. Although with the sales drop in the Singapore Market has fallen, there is still a small, steady market. Singapore avoided strict lockdown, which helps take the lockdown seriously. Even before the fear occupied, the industry people started to ensure that they are taking the right measures. Across Singapore, it is said that 1,081 homes were sold in the month of March, but later than a month, the number plunged down 33%. Although there are people looking to find the right place to live, their search has halted. There is a change that soon there will be a decline in prices on the property, but it will reflect many addiction risks which the overseas market can struggle with.