SINGAPORE, 26 May 2009 – iProperty.com Singapore (www.iproperty.com.sg), Singapore’s No. 1 property website and part of the iProperty.com Group (www.iproperty.com), reveals the results of its latest survey on the real estate market, which show that the majority of Singaporean property hunters feel that there is a property surplus in Singapore and that most selling prices are unrealistically high, given current market conditions.
Results of three separate polls, which were carried out between 11 February and 14 April 2009 in three countries – Singapore, Malaysia and Hong Kong – reveal that all three countries carry similar sentiments, with majority of respondents opining that there is a surplus of properties in their respective markets and selling prices are too high. Majority of these respondents also plan to buy properties in the near future but are waiting for prices to fall further before committing to any purchases.
Poll 1: Do you think there is a property surplus in Singapore?
- Out of the total 120 respondents who participated in the first poll, 85.8% felt that there is a property surplus in the country while the remaining 14.2% felt otherwise.
Chart 1: Singapore, poll results
Poll 2: Are you planning to buy property in the near future?
- Out of the total 144 respondents, 59% said that they might buy properties but are waiting for prices to fall further while 14.6% felt that it is a great time for bargain hunting.
- Another 14.58% expressed interest in buying properties but cannot afford to while 6.3% are considering it.
- 5.6% are not interested in buying properties in the near future.
Chart 2: Singapore, poll results
Poll 3: As a property hunter, how are you finding the search process?
- Out of the total 203 respondents, majority (67%) felt that current asking prices are unrealistic while 5.9% found that there aren’t a lot of properties available and when a suitable unit is found, there are many other buyers vying for it too.
- Meanwhile, 10.8% found it almost impossible to find properties and need to rethink all factors considered before the market downturn and 4.4% felt that there are places available but buyers really need to hunt for them.
- About 11.8% felt that there are plenty of options available especially in the buyer’s market.
Chart 3: Singapore, poll results
From the results, it is safe to conclude that there is still a lot of demand for properties in Singapore, with many buyers still on the lookout for great bargains despite the gloomy financial weather. However, despite the surplus of properties in the country, most buyers feel that asking prices are unrealistic and prefer to wait for prices to fall further.
According to Executive Chairman of the iProperty.com Group, Patrick Grove, one can expect the number of transactions to increase as the gap closes with sellers eventually bringing down prices in order to sell their properties.
“Property hunters still have the cash to invest as there is still demand, but they are also more selective and prudent with their expenditures. In order to attract buyers, sellers need to adjust asking prices to close deals. This will eventually happen when properties have been on the market for too long and the more desperate sellers will definitely do so to realise cash for other needs. On top of that, there is a huge supply coming onto the market and this will put downward pressure on property prices. Bargain hunters will definitely snap up good deals during this period,” says Grove.
Grove adds that there is further evidence of big demand for properties in Singapore, as reflected by articles published in The Straits Times. According to an article published in the daily on April 16, more
than 1,000 private homes were sold for the second month in a row in March, pointing towards strong home sales. In a separate article published on the same day in the daily, it was reported that HDB prices were declining with one-third of sales in the first quarter of the year being struck at or below valuation prices; confirming the downward movement of asking prices for properties in Singapore.
In the previous two polls carried out by iProperty.com Singapore, results showed that Singaporeans were less optimistic about the market but with more supply coming on stream and the eventual fall in prices, property hunters are perking up and could possibly be making purchases soon.
Asia’s leading network of property portals. Since its launch in 2007, iProperty.com Singapore has grown rapidly to become the country’s leading property portal. It recently revamped its iCondo Directory with over 12,000 photos and 300 panoramic tours. It has also launched a brand new HDB Flats section, which includes panoramic tours of HDB estates in Singapore, guides on buying, selling and renting HDB flats, as well as guides on each HDB estate. It has recently also revamped its website.
In addition to the speed and convenience of the internet, iProperty.com provides consumers with a greatly enhanced property hunting experience via a comprehensive range of features and property hunting tools. These include a powerful search function; a large database of the latest listings complemented by photos, videos, virtual tours and maps; email alerts; a large pool of useful resources and guides, and iExpert, a novel platform for users to seek answers and share knowledge on property related matters. On top of that, it regularly carries out surveys and polls to collate useful data for its consumers, as an added value for property hunters and sellers alike.
iProperty.com online polls and surveys are conducted across three countries – Singapore, Malaysia and Hong Kong – on a regular basis. These polls pose questions that elicit market sentiment in these three key Asian markets in the real estate industry. The results of iProperty.com’s online polls and surveys are relevant, current and reflective of the market as it reaches a wide audience with its amount of traffic website and unique visitors. Visit the iProperty.com network to participate in its online polls and surveys.
About iProperty.com Singapore (www.iproperty.com.sg)
iProperty.com Singapore is the country’s No.1 property and real estate website with more than 200,000 current and archive property listings. Working with more than 1,800 real estate agents, iProperty.com hosts the largest and most comprehensive online database of properties for sale and rent in Singapore. Each and every month, the website help tens of thousands of Singaporeans, expatriates and foreigners find their dream homes or investment properties. iProperty.com Singapore is also the official partner of the Singapore Institute of Estate agents (IEA), and has exclusive partnerships with MSN, DBS Bank and AsiaXpat to power their real estate channels. iProperty.com Singapore is part of the iProperty.com Group.
About iProperty.com (www.iproperty.com)
The iProperty.com Group is Asia’s No. 1 online property group, with leading property websites in Singapore, Malaysia, Hong Kong, Taiwan, India and the Philippines. It is part of Australian Securities Exchange-listed IPGA Limited (www.ipgalimited.com), (ASX: IPP). In 2009, the iProperty.com Group made history by winning the highly prestigious CNBC Arabiya Asia Pacific Property Awards in the “Best Property Portal” category for six of its websites –Singapore, Malaysia, Hong Kong, India, Philippines and iLuxuryasia.com.
iProperty.com Network:
Singapore: iProperty.com Singapore
Malaysia: iProperty.com Malaysia
Hong Kong: GoHome.com.hk and House18.com
Taiwan: VRHOUSE.com.tw
India: iProperty.com India
Philippines: iProperty.com Philippines
Events: iProperty.com EXPO
Luxury: iLuxuryasia.com
For media queries, please contact:
Chris Cheung (Ms)
Mobile: +65 9842 8922
Tel: +65 6255 4411
Email: chris@iproperty.com
Foo Chia Chern (Ms)
Mobile: +6012 3151 321
DID: +603 2297 0895
Email: chern@iproperty.com
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