A flood of new homes is headed toward Singapore and it will carry with it a buyer’s market, analysts say.
Developers in Singapore are already offering discounts and freebies such as furniture vouchers and will probably give away more expensive “toys”–maybe even cars–as new properties begin hitting the market in force, says Chris Comer, CEO of Castlewood Group, developer of Nikki Beach properties in Asia.
Comer is a Singapore resident with global experience, including in Dubai, where he worked during the boom and bust of the past decade. He said the downturn could hit Singapore within the next 12 months, and “you’ll start to see properties resold for less than they paid for them” as investors try to cash out, he said.
“It’s going to be a renters’ market here for a very long time,” he said.
Not everyone sees a bubble bursting with such force, but other analysts are warning about the coming supply and declines in prices and rents.