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Did the resale market crash
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As of the latest data, the Singapore resale property market has not crashed. Here are some key points:
- HDB resale prices have continued to rise, with a 0.5% increase in August 2024 compared to July 2024, and a 7.5% increase year-on-year compared to August 2023.
- Non-landed property prices have increased by approximately 30% as of the first quarter of 2024, and the rental price index has risen by about 52% over the same period, indicating strong demand and rental performance.
- Despite predictions of a potential downturn, such as a 3% decline in property prices in 2024 and a possible two-year downturn as suggested by Morgan Stanley, the market has not yet experienced a crash.
- The government's cooling measures, including higher Additional Buyer’s Stamp Duty (ABSD) rates, aim to prevent speculative buying and unsustainable price surges, which helps in maintaining market stability.
- Non-landed property prices have increased by approximately 30% as of the first quarter of 2024, and the rental price index has risen by about 52% over the same period, indicating strong demand and rental performance.
- Despite predictions of a potential downturn, such as a 3% decline in property prices in 2024 and a possible two-year downturn as suggested by Morgan Stanley, the market has not yet experienced a crash.
- The government's cooling measures, including higher Additional Buyer’s Stamp Duty (ABSD) rates, aim to prevent speculative buying and unsustainable price surges, which helps in maintaining market stability.
Overall, while there are indications of potential market corrections and economic headwinds, the resale market has not crashed as of now.
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