Hello Sonia,
Let me propose you an alternative mindset that my colleagues seem to have missed,
Firstly, in your question, you've assumed that property prices move in isolation in different parts of the world. This is both true and false.
Let me illustrate, presently, we know that jobs have become "global", like how all manufacturing jobs have gone to China, outsourcing call centers have moved to India.
Essentially, we are now in a time whereby technology allows the transfer of money and wealth freely across borders.
What that implies in the real estate is, as my esteemed colleagues have tried to point out, is that we are seeing a lot of interest from foreign buyers, namely from Indonesia, China and India buying into Singapore because our real estate prices are 30% below those of Beijing for instance.
Thus and therefore, the slow down that we are experiencing is that of demand from our local citizens, but this sorely mistakes and leaves out the rise of Indian and Chinese buyers taking up properties in Singapore.
Cheers and feel free to engage me more on this topic,
Your Singapore Condo Specialist Team,
Mervin
Senior Marketing Associates
Developer's Appointed Agency
Huttons Real Estate Group
Call Today:
(+65) 9184 0208
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