Demand for property remains strong in many parts of Asia, particularly in India, Indonesia and China.
“There continues to be a growing middle class that is keen on investing in the cross-border property market,” said Steve Melhuish, Group CEO of PropertyGuru Group, the operator of Propertyguru.com.sg and DDProperty.com, both leading property portals in Singapore and Thailand respectively.
Melhuish noted that the global slowdown has not affected rising markets such as India, Indonesia and China, where a type of diversification is catching on which bolsters property markets in countries like Singapore.
“The Chinese are buying up everywhere, Indians are looking at Singapore and Malaysia, and Indonesians are looking at several new markets,” he said.
Meanwhile, more buyers are seeking property information online. Last month, DDProperty recorded 8.2 million pageviews with an average of 1.3 million per month.
“We are going to start to invest in a big way here over the next three years and we don’t want to be Bangkok-centric,” he said, expressing interest in Pattaya, Phuket, Chiang Mai and Hua Hin.
“Every country has a boom and bust and with Europe on its knees, the property market in the US is not that good either. The likelihood of a correction in Singapore and Hong Kong is possible but it would be in the next 12 months or so,” he added.
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