{"id":46941,"date":"2021-12-24T10:00:58","date_gmt":"2021-12-24T02:00:58","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=46941"},"modified":"2022-06-13T17:35:32","modified_gmt":"2022-06-13T09:35:32","slug":"property-trends-2022","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/property-trends-2022\/","title":{"rendered":"Property trends Singapore 2022: 5 market trend predictions"},"content":{"rendered":"
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Following a trend that began last year at the start of the Covid-19 pandemic<\/a>, Singapore\u2019s property market boomed all through 2021.<\/p>\n

According to Minister for National Development Desmond Lee<\/a>, private housing prices rose by 9%<\/b> since Q1 2020, while HDB resale flat prices rose by 15%<\/b> in the same period. That\u2019s a pretty strong showing considering that there is still no end in sight for Covid-19. (Like a bad movie series, it keeps churning out instalment after instalment\u2026)<\/p>\n

With the new cooling measures announced, will the property market do an about-turn? Here\u2019s our take on what\u2019s in store in 2022.<\/p>\n

Why did Singapore\u2019s property market do so well in 2021?<\/b><\/h2>\n

2021\u2019s upward spiral of property prices can be described as a perfect storm of multiple converging factors.<\/p>\n

First, there is the strong local demand for housing as millennial couples look to buy their first homes<\/a>. But with BTO flats delayed due to border closures<\/a>, the YOLO generation is turning to HDB resale flats instead, driving resale prices up.<\/p>\n

Cashing in on surging HDB resale prices, HDB dwellers took the opportunity to sell their homes at a profit and upgrade to larger, better-located HDB flats<\/a> or private condominiums<\/a>. At the same time, foreign investors poured money into the safe haven that is Singapore\u2019s property market<\/a>, driving demand up for luxury properties.<\/p>\n

The cherry on top? Low mortgage interest rates, which make purchasing property even more attractive than before.<\/p>\n

What are the new cooling measures \u2014 will they work?<\/b><\/h2>\n

With a property market threatening to spin out of control, it\u2019s no wonder that the government got increasingly anxious towards the end of 2021.<\/p>\n

We started seeing signs of this back in October when HDB announced a new Prime Location Housing Model<\/a> to discourage house flippers from balloting for centrally-located BTO flats.<\/p>\n

Then, on 16 December 2021, MND announced a spate of property cooling measures<\/a> to keep housing affordable for Singaporeans:<\/p>\n