The Singapore housing bull-market seems to be finally over. Singapore private home prices rose to their slowest growth since 2006, in line with property sales which has also slowed.
It seems that the global economic fears has hit Singapore, keeping buyers at bay. With property analysts saying that private home prices will be flat for the whole of 2008, developers are now considering delaying new launches to wait out the market turmoil.
Not a moment too soon I say. The property market in Singapore was just insane last year, and I for one will be more than happy to see prices coming down to a level where normal Singaporeans can afford. When I mean 'can afford', it means that we do not have to take a 30 year loan just to buy a house. Of course with property developers' resistance to cutting prices that may still happen, but at least the prices are coming down and not up.
Maybe now, we just have to take a 25 year loan to buy that house we want. 25 year compare to 30 year uhm...I hope prices can still come down.