Why did Singapore property prices dip in 2020?

Singapore property prices dipped in 2020 mainly due to the impact of the COVID-19 pandemic, which caused significant uncertainty in the market. Restrictions on physical viewings, disruptions to construction activity, and economic challenges led to decreased demand and transaction volumes, resulting in subdued price movements. Buyers adopted a cautious approach amidst concerns over job security and the broader economic outlook, further dampening market sentiment during that period. However, the market proved resilient and began recovering as restrictions eased and confidence returned to the property sector.