The PropertyGuru Singapore Property Market Index Q2 2020 looks over the key property data points that rounded out in Q1 2020 and illustrates the trends that may unfold as we enter the Q2 2020.
In our report, we assess the impact of COVID-19 and the circuit breaker in Singapore. Interestingly, despite the economic impacts of both, growth can be still found in a few districts.
This report elaborates on the aforementioned trends in further detail, with the spotlight shone on the best and worst-performing districts. Furthermore, it will highlight the new launches that are likely to continue to outperform the general market due to their exceptional attributes.
Key highlights of the PropertyGuru Property Market Index Q2 2020 report:
- Asking prices in the non-landed private residential sector continue to see softening as prices trend downward for a third successive quarter. The significantly higher number of listings found on PropertyGuru this quarter signals higher downside price pressure and is likely to continue for another quarter, as Q2 2020 bears the brunt of at least two months of circuit breakers.
- Six of the top ten best-selling uncompleted condominiums in the quarter were launched prior to 2019. Developments within a leisurely 10-minute walk to MRT stations continue to be in high demand, with six out of 10 projects embodying this attribute.
- Buyers preference for larger-scale developments can also be observed as seven out of 10 projects exceed a thousand units per development. Moving forward, developers are likely to have an increased risk tolerance for larger plots of land as it is proven that demand is healthy and present.
- The top five performing districts from the first quarter are made up of 3 Outside Central Region (OCR) and 2 Rest of Central Region (RCR) districts, while the bottom 5 performing districts consist of 3 from the Core Central Region (CCR) and 2 from the Outside Central Region (OCR) district. This is in line with historical trends of the Asian and Global Financial Crisis where the Core Central Region (CCR) districts typically contracted the most.
With special thanks to Stuart Chng for his contributions to the Singapore Property Market Index Q2, 2020
Stuart is the Senior Associate Executive Director of OrangeTee & Tie, is a renowned leader in the real estate industry and co-founder of Navis Living Group.
Having been a licensed real estate agent for 14 years, he is also an investor, speaker and columnist for several real estate media and blogs. Stuart has helped many clients grow their wealth through selecting great property investments and managing their portfolios actively.
Find out more about him at www.StuartChng.com/blog