The data arguing that real estate prices are declining is overwhelming. No amount of small talk can prop it up.
9 months ago the data supporting further rises in the property market were also overwhelming.You should know what was the outcome. It is the very outcome that the bears are getting excited over now. So you still want to believe the present overwhelming bearish data?. Do so at your own peril. May god bless you.
Peril: You are so very wrong. Nine months ago the data was crystal clear that SG prime property would peak, the bubble would start to deflate in 2008, and we would see >20% value declines from the peak. What happened in late 2006 to Dec 2007 was unsustainable. It was CRYSTAL CLEAR. What is happening now was forecasted by numerous people on this site including myself. Go check.
Problem you had was that due to the speculative fever of the local developers, speculators, agents and even media were unable to join-the-dots and understand the broader macro picture - instead the raving was that "Singapore is different", IR this, F1 that, Singapore Eye there; all completely basely meaningless BS that did not reflect simple economics or broader macro financial conditions. Seems the only local guys who understood this mess were Govt who increased development charges and removed Deferred Payment Scheme, to pop the bubble.
So don't go around saying this is totally surprising, who would have guessed, that it is God's will, or telling people its just magical what happens in Singapore property. It follows quite clear patterns, as do most markets.
