Demand for homes in the Core Central Region (CCR) is expected to pick up in the second half of 2014 as prices continue to ease, said market watchers who were quoted in the media.
Notably, home prices in the CCR dropped 1.9 percent last year.
For this year, some analysts expect prices within the area to drop by another five percent, which could trigger a return in buying interest.
"By (the) middle of this year, we would have looked at four quarters of correction. Once the prices adjust by five to 10 percent, it would look significant," said Chris Koh, Director of Chris International.
"And the moment it looks significant, my gut feel is that buyers and investors who have been waiting on the sidelines will pour back into the market again."
Meanwhile, market watchers believe that demand for homes located within the city will improve once prices of homes in the city fringe, or the rest of central region, continue to recover.
Specifically, city fringe home prices climbed 0.4 percent in Q4 2013, compared to the 2.1 percent decline posted by city homes.
Christopher Chitty, Senior Content Producer at PropertyGuru edited this story. To contact him about this or other stories, email christopher@propertyguru.com.sg
Related stories:
Braddell View flat owners poised for windfall?
A very challenging Year of the Horse
Boost for property crowd funding site