Source : The Straits Times, Mar 31, 2008
WHAT IT IS
FLASH estimates of the property market’s showing in the first three months of the year will be released by the Government tomorrow.
The figures, released quarterly, track prices and rents of HDB flats and private property. They are based on caveats lodged in the first 10 weeks of each three-month period.
Fuller figures and more detailed information will be given out on April 25.
WHY IT MATTERS
This round of figures is expected to shed light on the million-dollar question: Is it the beginning of the end for the housing boom?
The last set of numbers showed that a stellar rise in home prices over the last two years was starting to slow.
Since then, the market has reached a virtual standstill.
Property developers have delayed launches as buyers, spooked by the worsening global credit crunch stemming from the US, are holding off buying.
Individual home sellers convinced of Singapore’s economic fundamentals, meanwhile, are refusing to lower their prices.
If tomorrow’s data shows prices have plateaued or even dipped, it will be welcome news for homebuyers.
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