By Andrew BattFeb 2, 2012
Andrew Batt is the Regional Group Editor for PropertyGuru. Previously, he was Publishing Director for Ensign Media, responsible for editorial matters for Property Report South East Asia magazine,...
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I get to see a lot of analysis and market research every day but I’ve yet to see anyone openly predicting a price drop of that magnitude. Obviously I was keen to know more.
“Real estate prices are expected to drop 30% there in 2012, according to a source I spoke with there who fears being quoted publicly,” the US-based contributor divulged.
Far be it from me to be critical of the output of the esteemed Forbes brand, but surely it is sloppy journalism to report such a wild claim without attribution? What does this particular merchant of doom have to fear from being named? He or she must have valid reasons to back up such an arguably pessimistic prediction? Why pick on the ‘30% drop’ when it’s just as easy to find experts who are predicting a flat year in terms of property prices?
The fact, as we all know, is that sensational news sells. That same story with a claim that Singapore property prices are likely to remain static during 2012 will not attract anywhere near the same number of readers.
However, in this case, I think there are only two options: report the claim and attribute it to the person making it, or leave it out altogether. To be honest, I think that not attributing the claim substantially weakens this story and arguable devalues the normally respected journalism output of Forbes.
The media often gets blamed for talking up or talking down the market, and often that’s with some degree of justification when anonymous quotes like this are reported.
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Reader Comments (8 comments)
Mr Batt, obviously a 30% drop without good justification is poor commentary. But you also have not really offered any solid justifications that the market would be going up rather than down. Following propertyguru , it is clear to me appear that it's default bias is towards a bull market.Agree with Cherie Gu that you probably have too many properties. Too bad.
Finally someone who presents a logical and measured view that offers well-thought and critical examination rather than the drama mama populist soothsayers. I am a fan already! Keep it up!
Andrew, you probably have too much properties in your hand. Bad lucky.
Even developers believe prices will drop and are giving discounts in addition to furniture voucher and stamp duty waiver.
Check this... http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_742997.html
quite obvious isn't it... Benz & Analyst are probably not in the market while Andrew is in.... selling the story depending on your positions. :)
Hey Andrew, you really need to do your homework before clicking on that "publish" button. By completely missing out on the SCB and Daiwa reports (among many others), you are [using your own words] arguable devaluing the normally respected journalism output of PropertyGuru.
It is equally sloppy reporting to have missed the Standard Chartered and numerous bank research reports predicting drops of 15% to 30%. Worse, some of them have been reported on this site.