An insight into why there’s resentment
Is there really resentment in Singapore’s new condo development housing market? For now, the market shows a lot of Singapore citizens may have or showing signs of resentment in the market due to the rise in prices of the private housing market and the increase in immigration. Why is this so? Most Singapore residents feel that there are many factors that could be playing a part in the rise of real estate prices, but it’s believed the increase in property prices are coming from the wealth that migrates to around 45 Amber Road, Singapore.
So, for now it seems to be a lot of persuasions and pressure by the authorities to make the public react, so they can scare the developers into decreasing and making the private housing prices to drop further in Singapore. Property developers throughout Singapore aren’t showing any signs of budging on their property prices either as competition is even taking more of an upturn.
Who’s really at fault for private condo increases?
Is it the migrators fault? No, people can move anywhere that will accept them when migrating from another place despite the price of residential housings. Actually, the fault doesn’t lie anywhere, but with authorities. The fault also kind of lies with the competitive property price market in Singapore. Is it the developers fault? Why should new project developers such as the developer of Amber 45 Condo located at 45 Amber Road lose out on competitive market prices? The fact is, developers are rightfully within their rights to charge the prices they want for their residential properties within market prices. What does this mean for instability in the real estate market? It aptly means that the government and central bank may want to intervene if they see market instability due to higher prices.
Prospects of the Singapore Housing Market
The housing market prospects in Singapore has largely been due to the fact that investors are more confident in the new development condo properties and the fact that Singapore is home to some of the world’s most expensive real estate assets. Many analysts believe that the government will begin to slow the growth of foreign workers migrating to Singapore in an attempt to cool down the ever-growing housing market and introduce more cooling measures in the property market such as putting tougher mortgage conditions into place and adding more buyer stamp duties.
With that said, the more stringent terms for new home buyers may also see the curbing of bank lending to developers or may try to restrict the number of units that developers develop on building sites. Although Singapore is considered to be a haven for the super-rich in Asia, the prices of overall real estate has seen a rise of up to 20% in 2017 and may rise a little higher by the end of 2018. With these rises throughout the year, buyers can be sure that even if there is resentment, they will surely see a rise again of about 2% by the end of the year and substantial rises a few years from now. Will there be resentment then?