Going forward after Covid-19

Seems like a doomsday situation right? Stock market dropped so much! Retrenchment worries, sales and profit numbers dropped drastically! Siao liao! Property market how? Any fire sales or lelong? We receive enquiries like this quite often in the past few weeks. Let us logically navigate through these tough times.

Government intervention

This is just our personal opinion but our Singapore government had moved fast and decisive to help citizens save their jobs deploying Jobs support scheme and extending it.Solidarity payout will help us tide over daily needs and spending and other self employed schemes that we will not go into detail about. Not to mention deferred payment for property mortgages, insurance payments, car loan payments, etc.

My point is if the people’s needs are well taken care of, they are LESS LIKELY to prematurely liquidate their property assets which in turn reduce the fire sales. 

The fact is sales of new home sales nose-dived, but which industry is not affected in Covid-19 period? None of them are spared. Even HDB resales numbers dropped drastically.

BUT, there are no cheap sale lelong at the moment. In fact, there are people buying new homes through virtual viewings, zoom meetings, money transferred and deal done.

Key points of the Business Times article on 27th May 2020
➕Wealthy Chinese snapping up luxury homes to guard their wealth against inflation & weakening yuan.
➕In Singapore, the latest trend shows that buyers are more receptive and can transact multi-million dollar deals through virtual tours and photos
➕Singapore is regarded as a safe haven for property investments – stable and well-regulated market

April 2020 New launch sales

Really or not? Have people buying without seeing showflat in person? Yes. This is partial data only, we have collated the top selling projects in April

We are not fortune tellers, there’s no one that can tell accurately how COVID-19 will play out. How much prices going to fluctuate or will there be a crash. What we can do is to use the facts to best-guess the direction going forward.

What we’d suggest you can do in this downtime, make use of the available free time, discuss with family how you’d like to do going forward and come to a consensus. Different families have different needs, some are looking to expand while others are looking to right-size to a smaller home. If you’re young (under 50 y.o) there will be at least 1 more chance in the property cycle for you to profit from. Check your home valuation here. Or learn how to calculate your potential profits in this post here.

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Get in touch with us, we at PropertyDiscovery would be more than happy to help you through this stressful phase. Feel free to contact us using the Whatsapp button below, or using the traditional form below.

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