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When was the economic crisis?
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In the context of Singapore's property market, there have been several significant economic crises that had a profound impact:
Asian Financial Crisis (AFC)
The Asian Financial Crisis hit Singapore in July 1997. This crisis led to a significant decline in property prices, with housing prices falling by 4.4% in the same quarter, 8% in six months, and a total of 40% over 18 months.
Global Financial Crisis (GFC)
The Global Financial Crisis began to affect Singapore's property market in the third quarter of 2008, following the collapse of Lehman Brothers in September 2008. Property prices dipped by about 25% over a year before recovering.
COVID-19 Pandemic
The COVID-19 pandemic, which started in 2020, also had an impact on Singapore's property market. Although the market did not collapse, there was a slowdown in transactions and a slight decline in property prices in the first quarter of 2020, followed by a recovery later in the year.
These crises have been pivotal in shaping the dynamics of Singapore's real estate market.
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