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With private property prices increasing at a faster rate than wage growth, property experts are saying that the affordability gap for private homes could further widen for Singaporeans.
Professor Sumit Agarwal from the National University of Singapore Business School said that the divide between income growth and residential property price increases could grow bigger, with technology set to displace some high-paying jobs.
We could see prices bottoming by year-end or early next year if sales volumes continue to strengthen
The strong bids for the Toh Tuck Road site on April 11 and high developers’ sales numbers unveiled by URA on April 17 are more signs that the Singapore residential market may be turning the corner, says JLL.
According to JLL, signs of recovery began last year with the luxury residential sector when prices bottomed out in 3Q2016. Based on its basket of luxury properties, JLL says prices of luxury properties fell 18.3% in 3Q2016 from their peak in 2013.
