Singapore Property Prices Increasing

[boo hoo]

I think agent xyz (like 99% of property agents during a bull market) forgot the role of a property agent - it is to broker a deal, collect a fee and move on. In a bull market,these agents  all morph into property gurus and believe they are the next Donald Trump, Sam Zell and Kwek Leng Beng all combined into one. Worst thing is they start having a "view" on the market, and they all have the same view.

[rentdrops]

True rents are droppin

Friends lease was up in Summer, lanlord wanted 16k, up from 10k, so they said no and moved from Condo to a house, for less. Condo is still not let, and is now at 8k. If the LL had quoted 12, they would have stayed.

[great]

once my lease expired in June 09, I will definitely look for a new place and lower rent......

the LLs will suffer big time

[make sure]

once my lease expired in June 09, I will definitely look for a new place and lower rent......

the LLs will suffer big time

make sure you do not get your pink slip just before you renew your lease

[boo hoo]

How would one compute the fall in rent for an apartment that used to rent for $5k but now empty for 9 months? Would it be a 100% fall? Or would people compiling the stats just ignore it (I.e. rents have not moved)

[Small Blip]

Since this is just a "small blip" before everything turns hunky-dory and the "upward movement" resumes, my uniquely Singaporean sense of Mathematics says we should just ignore the data point, and assume that it is still being rented at 5k. We don't come first in surveys for nothing - we have the unique trait of picking only the surveys that show us in good light, and ignore those that cast an unflattering shadow.

How would one compute the fall in rent for an apartment that used to rent for $5k but now empty for 9 months? Would it be a 100% fall? Or would people compiling the stats just ignore it (I.e. rents have not moved)

[boo hoo]

You make hella lot of sense!

[boo hoo]

i think there will be more bank foreclosures on high end property owners in default in the next couple of year... good luck!

[boo hoo]

Agent XYZ, how's your business smuggling PRC nationals into Singapore?

[Agent XYY]

Agent XYZ, how's your business smuggling PRC nationals into Singapore?

Fantastic. Would you like to join me?. You will make so much $$$ that you no longer need to run down the property market. You will be able to buy any dream home.

[boo hoo]

no thanks i need to team up w someone w more business acumen, market knowledge and understanding of value than u.

[touch]

Seems like a profitable biz, promise them PR, citizenship and a job, collect ten K.  1 person earn 10k, 100 persons, 1 million.  fantastic.  

Next time, also can have free hotel stay in the 18th basement.  children also might get bonus.

[boo hoo]

And another thing, if you are taking advice from people who dont even own property here all telleing you not to buy and to wait, you will end up just like them.  They will stay and rent, and rent again and again until they accept that they really should have bought property when they were told to.

Also, buying doesn't suddenly make you an expert.  I own property, I choose not to here right now because it is overvalued.  I have no opposition to invest in Singapore, paying a multiple of a reasonable price however is not investing.  I own a set of golf clubs, that doesn't make me an expert on golf.  What does not having bought have to do with it other than a mindless way to assert you are right?  Bet you would have been right in 96 as well.....

Stop believing this island is economically different, it is not.  Various people talk about it becoming a global city (or think it already is).  It never will, it will become a valuable hub (already is), not the same.  In any case, living here is now as or more expensive than NY or London, two cities that are global if anywhere is (pretty dumb term anyway).  As a comparison, London and NY are world centres of finance, fashion and culture - Singapore is a useful place to put relatively cheap back office/processing staff and it happens to sit on a useful waterway.  It is also a nice place to raise your kids.  Those are all nice positions to be in but hardly comparable.  Just look at straight facts, it does not make sense that living in Singapore costs as much as a nice central place in London or NY, delude yourself all you want, it makes no sense.

Then why not go and work in the better value for money London or NY.? You should get paid more and have a better lifestyle - right? If not, don't you think that explains why porperty values here should be quite close to NY & London.

Because I prefer Singapore for my kids.  Tax is lower here as well.  I would have more cash in real cities such as London/NY but I prefer to live here.  There will come a point where that is not the case.  I'm hoping that point doesn't arrive.

No, it doesn't explain at all why Singapore prices are the same level.  GDP per person in London (London, not UK - also that is London, not central London or just the rich bits) is more than double Singapore, prices are about the same.  Figure how realistic that is.

I think the GDP per person for people staying in Dist 9, 10, 11, 15  should be the same if not more than that in part of London you are comparing. (Prices in central London or in the rich bits are still much higher than the prime areas here). Do not forget Singapore had the largest increase in the number of millionaires.

"There will come a point where that is not the case.  I'm hoping that point doesn't arrive."

That point may not arrive for a long time to come and thus the attraction of Singapore and why not a consequent high level of property prices.

yes, Singapore has the largest number of millionaires blah blah... I love reading these old posts by the truly clueless!

[must be agent]

Why do thney keep coming back with "you miss the boat", "come join me", "largest concentration of millionaires in s'pore" and etc etc type of posts. WHY? The rich don't come here. The wanna be's is it?

[see the ads]

Dubai properties are really cheap now.  Ajman is a real bargain and well worth a look.