The property market yesterday toasted the sale of a record 5,719 private homes in the third quarter, even though the industry posted a second consecutive month-on-month drop in sales to 1,143 units in September. Despite the high point, the discussion in property circles was marked by circumspection.
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The number of homes that developers manage to sell in the fourth quarter as well as next year will be limited by the shrinking stock of launch-ready homes and developers’ fast-depleting landbanks.
While the economic outlook is improving, the accompanying scenario of rising interest rates may cause some to re-evaluate their property investment decisions as mortgage rates rise. If savings rates on bank deposits also increase, this will take some shine off parking money in property, which is what many investors have been doing this year, says DTZ executive director (consulting) Ong Choon Fah. Continue reading
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