Respected media company CNBC has reported that 2014 will see lower prices in regional real estate markets, although the predicted declines offered by many will not be as drastic as some market commentators are expecting.
In a media report yesterday it reported: “A taper tantrum won’t be the only reason why Asia’s property prices will finally cool. Numerous housing curbs unleashed in Singapore, Hong Kong and China over the last few years are slowly wearing down persistent demand, while the prospect of higher interest rates and a flood of new homes hitting the market will inevitably take prices lower.”
The media outlet added that the decline won’t be drastic and will likely only be in the single-digit range, given that governments will not allow any kind of drastic drop in prices.
PropertyGuru has already seen predictions of as much as a 15 percent price correction for 2014, although those views are few and far between.
“Time to shop for homes, people,” the CNBC report concluded.
Andrew
Batt, International Group Editor of PropertyGuru Group, wrote this
story. To contact him about this or other stories email andrew@propertyguru.com.sg
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