The deeper message of the article is also that the extent of buyers' woes depends on the consumer protection laws and culture of the country. Places like middle east and most other 3rd world countries are basically cowboy towns when things are no longer on track. Singapore is not known for strong consumer protection. So if the worse happens, anything can happen to your rights and your mortgaged property. But I feel that s'pore property prices can still go higher for the next 1 yr. Just a gut feel though, due to massive quantitative easing and plenty of hot money from rich foreigners who see that s'pore property prices is still lagging behind HK and Shanghai. This is a dangerous speculator's market, or for those with very deep pockets.
Reinforces my earlier observation in 1997 (Asian crisis) about the pitfalls of buying off-plan (buying yet-to-be completed) properties.
It was so bad then, it even affected Singapore.
Anybody here remembers the delayed condo developments along Upper Bukit Timah Road?
Or even the uncompleted/delayed the elevated expressway (viaduct) above Pasir Panjang Road?
But that's the tragedy and opportunity of business cycles and bubbles. It will usually repeat itself after a new generation replaces the older (and also wiser but poorer) generation.
It's like the old joke. There are many impatient pilots. There are many old pilots. There are very few impatient and old pilots.
The deeper message of the article is also that the extent of buyers' woes depends on the consumer protection laws and culture of the country. Places like middle east and most other 3rd world countries are basically cowboy towns when things are no longer on track. Singapore is not known for strong consumer protection. So if the worse happens, anything can happen to your rights and your mortgaged property.
ReplyDeleteBut I feel that s'pore property prices can still go higher for the next 1 yr. Just a gut feel though, due to massive quantitative easing and plenty of hot money from rich foreigners who see that s'pore property prices is still lagging behind HK and Shanghai.
This is a dangerous speculator's market, or for those with very deep pockets.
Great article.
ReplyDeleteReinforces my earlier observation in 1997 (Asian crisis) about the pitfalls of buying off-plan (buying yet-to-be completed) properties.
It was so bad then, it even affected Singapore.
Anybody here remembers the delayed condo developments along Upper Bukit Timah Road?
Or even the uncompleted/delayed the elevated expressway (viaduct) above Pasir Panjang Road?
But that's the tragedy and opportunity of business cycles and bubbles. It will usually repeat itself after a new generation replaces the older (and also wiser but poorer) generation.
It's like the old joke.
There are many impatient pilots. There are many old pilots.
There are very few impatient and old pilots.