2020 was the year the world was hit by a global pandemic. It was a year of change, though not all changes were unexpected. If you’ve been following my content uploads from the past year, you would have realised that most of my predictions for the 2020 Singapore property market actually happened! As we continue onwards into the year 2021, I’m sure many people have these questions on their minds: “Eh Aaron, 2021 can buy property or not? Is now the right time to buy?” Well, you’re in luck! I’m about to share with you an insider’s perspective on the top three insights into the 2021 Singapore property market.
1. Property prices will not drop
First, just like what happened in 2020, property prices will not drop. In fact, the global COVID-19 pandemic has meant that the Singapore property market received a boost. This may be because people are confined to their houses during the circuit breaker, and the importance of home and property becomes more significant. Or perhaps others realise that their homes are not located near good food stalls, and you cannot Grabfood or Deliveroo! Whatever the reason, the property market did not stop in 2020 despite of the pandemic. This trend will very much continue in 2021.
2. The best and most truthful indicator of what the 2021 property market will be like would be in March and April
In January, it’s crazy. Maybe it’s the whole ‘new year, new me’ resolution, but in January, everyone wants to sell and/or buy property. The property market shoots upwards quite a bit. In February, the market slows down due to Chinese New Year, as there are not a lot of gatherings going on. Therefore, the best and most truthful indicator of what the 2021 property market is like will be in March and April. Best to keep an eye on the property market during this period.
3. Prices will peak in 2021, but this isn’t necessarily good for the market
And here’s the most crucial part – I predict we will hit another peak in the 2021 property market. There will be higher demand in relation to the number of number of people selling, causing property prices to rise. While this is a good thing for sellers, it’s not necessarily so for the market. I’m afraid the government might be concerned with the rising prices and intervene with market cooling measures to control the prices.
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For now, my advice is this: if you really need to buy, then go ahead and buy. If not, and depending on your circumstances, I would prefer to wait a bit longer to see how the market stabilises and whether the government will intervene.
But the one thing I always tell my clients is this: buying and selling property is always about buying the right product and selling at the right time. If you buy the right product, you don’t have to be scared about the prices dropping. If the prices drop, it’s because the condition of your property depreciates and not because of the market.
And there you have it – the secret to winning in terms of the property market is this: it is ultra-important to make the right choice when buying property, and decide on the right time when selling!
Need further help? Contact me today to receive expert advice on property sales or purchases – I’m always here to help you make the best decision when buying or selling your property.
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