It is in the interest of Singaporeans who are aspiring to buy their first property for prices to slide as this would mean lower monthly mortgages. A survey conducted see that most Singaporeans think that prices will slide in anticipation that interest rates will increase.
A significant number (38.5 percent) of Singaporeans and Permanent Residents (PRs) polled believe home prices will fall over the next six months, according to media reports citing a survey by ERA Realty and research firm Nexus Link.
On the other hand, 35.6 percent of the respondents felt prices will remain unchanged. As for the next 12 months, 33.8 percent said prices will fall, while 39.7 percent surmised values will be flat.
Looking at the interest rates of properties, this in indeed the case as they are so many properties available in the market.
“We do not see the results as negative,” said ERA Realty’s Key Executive Officer Eugene Lim. Although the housing market is reeling from the effect of the government’s property curbs, the objective is to ensure a sustainable market rather than engineer a huge drop, he added.
On the other hand, respondents aged 21 to 34 were the only group where more people …