{"id":38718,"date":"2016-12-21T07:30:43","date_gmt":"2016-12-21T00:30:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/recap-of-2016\/"},"modified":"2016-12-21T11:19:34","modified_gmt":"2016-12-21T04:19:34","slug":"recap-of-2016","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/recap-of-2016\/","title":{"rendered":"Recap of 2016"},"content":{"rendered":"


\nPropertyGuru asked several experts to take a look back at the year, and share their reflections on both the Singapore\u00a0and regional real estate markets. They also gave their predictions for 2017.
\nAnother year is ending and a new one begins. Many analysts thought 2016 would be a turning point for Singapore\u2019s property market, and expected the cooling measures to be relaxed. However, the government repeatedly said it wasn\u2019t the right time, fearing the market would rebound too quickly. Data shows that property prices rose by about 60 percent between mid-2009 and late 2013, but have only dropped by 10 percent since then.
\nWhile there is still a lot of uncertainty, market sentiment seems to be slowly improving, particularly in the HDB resale market and for new private home sales. In the region, emerging markets like Indonesia, Vietnam and the Philippines are riding a wave of growth. So what stood out in 2016? Here\u2019s what the experts have to say.
\nSINGAPORE<\/p>\n

\u201cAt the start of 2016, many home buyers felt that prices would continue to fall, and speculated there would be tweaks to the government\u2019s property cooling measures. This resulted in many buyers taking a wait-and-see approach. But as the year progressed, hope of any changes faded.
\n\u201cHome sellers became more realistic with asking prices, while buyer sentiment began to shift. If there was a need to make a purchase, buyers took action. Whilst the primary market remained relatively steady, there was slow pickup in pockets of the secondary market.
\n\u201cAs the year ends with thoughts of a technical recession and uncertainty over global macroeconomic forces, it looks like 2017 will also see fluctuations.\u201d<\/p>\n

Lewis Ng, Chief Business Officer, PropertyGuru Group <\/p>\n

\u00a0<\/p>\n

\u201cLooking back, the HDB market in 2016 was a relatively stable one. One key indicator which stood out was price. Prices have dropped by 0.1 percent since last year. Despite the almost unchanged prices, the number of transactions is expected to increase from the 19,306 units in 2015.
\n\u201cThis market stability is good news for everyone. Buyers can be more confident in their purchase, knowing that there will not be sudden price drops. Sellers also benefit from the increased buyer interest, which translates into a higher chance of sale.
\n\u201cAll in all, 2016 has been a good year for both HDB buyers and sellers, and hopefully 2017 will be too.\u201d<\/p>\n

\u00a0
\nEugene Lim, Key Executive Officer, ERA Realty Network <\/p>\n

\u201cWhat is significant about 2016 is how the residential property market appeared to have increasingly come to terms with the cooling measures, accepting them as the new norm. This encouraged buyers who were sitting on the sidelines to commit to purchases, and helped loosen the market gridlock.
\n\u201cAlready, developers\u2019 average monthly sales have climbed by 66 percent to 751 units for the seven months between March and September 2016, from the 453 units averaged for the preceding seven months.
\n\u201cThe pick-up in market activity is positive, as it provides players with a clearer picture of asset valuation and improves market efficiency.\u201d<\/p>\n

\u00a0
\nTay Huey Ying, Head of Research, JLL Singapore <\/p>\n

\u201cSince the implementation of the Total Debt Servicing Ratio (TDSR) framework in June 2013, overall sales transaction volume of private homes has fallen by half, and has stayed at fairly low levels for the past three years. The 15 percent Additional Buyer\u2019s Stamp Duty (ABSD) on foreigners and companies remains a key deterrent to private residential property investment in Singapore.
\n\u201cOverall private home prices declined by 10.8 percent in Q3 2016 compared to the last peak in Q3 2013, and is seen as a stable fall compared to the over 60 percent spike from Q2 2009. Though encouraging sales results of some well-located project launches in the second and third quarters of the year may reflect tentative signs of market revival, headwinds could derail any recovery trajectory.
\n\u201cThe slowing economic growth, tighter immigration and foreign workforce policies, and the threat of an interest rate hike, could drag sales and leasing demand for residential property. Prices and rentals are envisaged to trend lower for another few quarters before any accommodative or stimulus measures could be considered by the government should weakness in demand persist.\u201d<\/p>\n

\u00a0
\nAlice Tan, Director and Head of Consultancy and Research, Knight Frank Singapore<\/p>\n

\u00a0
\nSOUTHEAST ASIA<\/p>\n

\u201cWe are excited about the Indonesian real estate market because of macro factors like the country\u2019s economic growth prospects and relatively young population spurring demand. Our subsidiary PT Suryamas Dutamakmur Tbk has three projects in Bogor \u2013 the Rancamaya Estate, Harvest City and Royal Tajur, which are being actively marketed.
\n\u201cFurthermore, the Indonesian government\u2019s favourable policies, such as the loan-to-value (LTV) relaxation, tax amnesty programme, and lowering income tax on the transfer of land and buildings, will help to invigorate the real estate market, and we are closely monitoring the market situation to assess potential future opportunities.\u201d<\/p>\n

Jennifer Chang, Executive Director and Chief Operating Officer, Top Global <\/p>\n

\u00a0<\/p>\n

\u201c2016 has proven to be an extremely fruitful year. We launched several mid- to high-end residential projects in Hanoi, which received strong response both locally and overseas. Vietnam\u2019s strong economic growth story, coupled with the growing middle class, has resulted in higher demand for quality housing.
\n\u201cThe recent landmark amendment to the housing law finally allows foreigners to own properties in Vietnam, amidst keen interest among the international community to invest and diversify their portfolios in the country.
\n\u201cTan Hoang Minh International is firmly positioned to tap into that growing market, with our first international office in Singapore. 2017 promises to be even more exciting as we prepare to launch new prime developments.\u201d<\/p>\n

Do Hoang Minh, Chief Executive Officer, Tan Hoang Minh International <\/p>\n

\u201cWith the exception of Singapore, the office markets in Asia\u2019s key cities remained largely buoyant in 2016. Hong Kong, Tokyo and Shanghai enjoyed healthy transaction volumes, thanks to tight supply in a low interest rate and high liquidity environment.
\n\u201cThe Philippines did exceptionally well as its robust economy drove demand for prime offices. We believe the Philippines will remain one of the strongest markets on the back of its burgeoning business process outsourcing industry.
\n\u201cThe outlook for Jakarta and Singapore remains subdued in the next two to three years amid bumper completions, but long-term prospects remain good, and the current slowdown may present value opportunities for core investors.\u201d<\/p>\n

Samuel Chu, Co-founder, Managing Partner and Chief Investment Officer of Phoenix Property Investors<\/p>\n

This article was first published in the print version\u00a0PropertyGuru News & Views.\u00a0Download PDFs\u00a0of full\u00a0print issues or read more stories now!<\/p>\n

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\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Recap of 2016<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PropertyGuru asked several experts to take a look back at the year, and share their...<\/p>\n","protected":false},"author":1,"featured_media":38719,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-38718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/12\/Lewis-Ng-e1482292566215-1024x1024.png?fit=1024%2C1024&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-a4u","jetpack-related-posts":[{"id":19718,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jp-morgan-cheers-markets-with-strong-profits-on-capital-markets-recovery\/","url_meta":{"origin":38718,"position":0},"title":"JP Morgan cheers markets with strong profits on capital markets recovery","date":"July 14, 2016","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...JP Morgan cheers markets with strong profits on capital markets recovery","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/asian-markets-surge-back-as-trump-fears-recede-markets-live\/","url_meta":{"origin":38718,"position":1},"title":"Asian markets surge back as Trump fears recede – markets live","date":"November 10, 2016","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Asian markets surge back as Trump fears recede - 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