December saw a total of 1217 units of new homes taken up collectively, which is more than that of November. Main factor to have driven such sales is low borrowing rates by banks. Buyers are optimistic on market recovery despite covid-19 is still hitting the world badly in many countries. Self-created millionaires over few properties cycle have also re-invested their funds during this crisis as historically properties prices will increase after each crisis and government may step in and introduce cooling measures to cool the property market which may caused buying to be more challenging after new measure implemented. Once border opens up and foreigners are able to travel with ease, we will see a bull run in property market.
Source: The Business Times
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