Hopes of a quick turnaround in the property market here are fizzling out.
Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low.
Singapore skylineIn a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end.
The residential market here is not faring much better, with only a 0.9 per cent probability of recovery by the third quarter and a 5.8 per cent chance by the end of the year.
DTZ said the Singapore residential market has a better chance of bottoming by mid 2010 and stage a gradual recovery from then onwards.
It also expects the office market to lag the residential market in staging a recovery.
Factors that DTZ used in its forecast include Singapore's stock market index and the cumulative unsold inventory held by developers. - CNA/yb
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