31 Jul '17, 3am

Analyst: People are buying because of bad economy

Buyers and investors continue to put their faith in brick and mortar, says one analyst. Aside from the belief that the property market is bottoming out, the city-state’s uncertain economy has seen investors turning to residential property. “This may sound counter-intuitive, (but) people are buying because the economy is bad,” said Savills Research Head Alan Cheong. “People are buying now because they have lost a little bit of faith in what are alternative investments, and so they are putting their faith in brick and mortar.” Data from the Urban Redevelopment Authority shows that sales of new private homes, excluding executive condominiums (ECs), jumped by around 64 percent year-on-year to 6,039 units in H1 2017, reported Channel NewsAsia . In fact, this year’s new project launches and showflats have drawn huge crowds while registering strong sales figures. With prices on t...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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