{"id":8810,"date":"2020-07-22T11:21:28","date_gmt":"2020-07-22T04:21:28","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8810"},"modified":"2024-09-23T15:33:38","modified_gmt":"2024-09-23T08:33:38","slug":"singaporean-consumers-unsure-of-how-the-pandemic-will-affect-property-prices","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/singaporean-consumers-unsure-of-how-the-pandemic-will-affect-property-prices\/","title":{"rendered":"Singaporean consumers unsure of how the pandemic will affect property prices"},"content":{"rendered":"

PropertyGuru<\/span><\/span> also <\/span><\/span>uncovered that two in five buyers have become more price-sensitive<\/span><\/span><\/span><\/p>\n

\"\"
A view of apartment buildings in Singapore. joyfull\/Shutterstock<\/figcaption><\/figure>\n

Earlier this month, Asia\u2019s leading\u00a0<\/span>proptech<\/span>\u00a0company\u00a0<\/span>PropertyGuru<\/span>\u00a0<\/span>Group\u00a0<\/span>published\u00a0<\/span>the\u00a0<\/span>H2 2020 Consumer Sentiment Study<\/span><\/i><\/a>\u00a0where they uncovered that\u00a0<\/span>55 percent of Singaporeans\u00a0<\/span>felt<\/span>\u00a0unsure about the future of property prices because of the pandemic<\/span>, which in turn, affected their property-related\u00a0<\/span>decisions<\/span>.<\/span><\/p>\n

As such, secondary market sellers have decided to postpone selling properties hoping that they would get better offers as buyers scan the market for lower rates.<\/span>\u00a0<\/span><\/p>\n

The\u00a0<\/span>report also discovered<\/span>\u00a0that\u00a0<\/span>42 percent or two in five buyers have become more price-sensitive, while <\/span>82 percent\u00a0<\/span>were\u00a0<\/span>more than willing to compromise their need for household facilities\u00a0<\/span>in exchange for a more economical home<\/span>.<\/span><\/p>\n

\u201cIt is no surprise that buyers are taking a more cautious approach towards property decisions given the heightened levels of market volatility brought by the COVID-19 pandemic,\u201d said Tee Khoon, country manager of\u00a0<\/span>PropertyGuru<\/span>\u00a0Singapore.<\/span>\u00a0<\/span><\/p>\n

\u201cThat said, the eventual decline of COVID-19 cases in the community and subsequent resumption of the economy should see the release of pent-up demand for property buyers and sellers,\u201d he added.<\/span>\u00a0<\/span><\/p>\n

More: Private residential market in Singapore to strongly recover from economic downturn<\/b><\/a><\/p>\n

\u00a0<\/span>The<\/span>\u00a0mixed feelings of property buyers towards the market<\/span>\u00a0most likely caused the four-point\u00a0drop in the overall Sentiment Index from 45 in the first quarter of 2020 to 41 in the second quarter.<\/span>\u00a0<\/span><\/p>\n

\u201cThe Sentiment Index measures a series of concerns raised around housing affordability, proper property prices, the overall real estate climate, interest rates, property prices and the perceived government efforts in the property market amid the current pandemic,\u201d <\/span>PropertyGuru<\/span>\u00a0explained in the report.<\/span>\u00a0<\/span><\/p>\n

“Those dissatisfied with the current real estate landscape cite property prices not softening to levels they expect in the current situation as a major reason,” the proptech company further explained.<\/p>\n

To read more about their key findings, visit\u00a0<\/span>propertyguru.com.sg\/customer-service\/press-releases\/propertyguru-survey-reveals-that-55-of-singaporean<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PropertyGuru also uncovered that two in five buyers have become more price-sensitive<\/p>\n","protected":false},"author":9,"featured_media":20661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[528,557,110],"class_list":["post-8810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-market-update","tag-property-market","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nSingaporean consumers unsure of how the pandemic will affect property prices | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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