According to the latest published figures, Singapore’s residential property prices rose 7.4 percent in the last quarter of 2009, as the property market made a quick recovery from last year’s weak start.
This followed the 15.8 percent increase in the previous quarter, a quick turnaround from the 18 percent decline in the first half of 2009, leaving a 1.8 percent annual price increase, according to the Redevelopment Authority.
The figures also indicate that non-landed property prices climbed by 7.2 percent in Q4 and 15.9 percent in Q3 of 2009. Prices of condominiums were up by 6.1 percent, while apartment prices rose by 9.7 percent.
Looking ahead, luxury property for this year is predicted to look good in the coming months. According to Savills’ report, this sector could see a price increase of as much as 15 percent, while the middle-end and mass-market properties could see values increase by 5 percent.
“I think luxury property prices are still some 20 to 25% off the peak. In terms of the high net worth individuals, I think a lot of confidence is coming back to the market. There is a lot of liquidity around that’s pushing them back into real estate,” said Michael Ng, the managing director of Savills Singapore.
But according to a new survey, most of the people who purchased Singapore property are discontented about the services given to them by some real estate agents.
About 80 percent of all the property deals in Singapore are done through property agents, and a majority of them encounter bad services, said a report released by Ngee Ann Polytechnic.
The survey found that the most common complaints were bad or wrong advice, followed by failures to get fair prices. About 77 percent of the total respondents from various age groups, educational and professional backgrounds were unhappy, said real estate lecturer Nicholas Mak.
The survey also showed that 73 percent felt that training for property agents was needed, including a full accreditation system. The Singapore government is currently working on a new regulatory framework for property agents.
Mr. Mak added that “some of them also felt that their real estate agents neglected their opinions or suggestions.”