Not only has the residential market remained resilient against the economic impact of Covid-19, but the landed property market in particular, has also observed a surge in the transaction volume and prices. Following a slight dip of 0.3% in the preceding quarter, landed property prices rose by 2.6% in the third quarter of 2021.
With the shift in lifestyles, people are spending a larger portion of their time at home, and spaciousness has become, more than ever, important for homeowners. This has, in turn, spurred a hike in the demand for landed properties.
Notably, the good class bungalow (GCB) market is also appearing to shake off its slumber. The most coveted type of housing, every GCB is distinctive and available only for Singapore citizens.
In addition to the affluent homebuyers who have access to generational wealth, an emerging group of GCB homeowners comprise entrepreneurs who are dominating the new economy. Ian Ang, the co-founder of the gaming chair company, Secretlab, as well as the family of Grab co-founder and CEO, Anthony Tan, are among the numerous new owners of GCBs.
The high demand for landed properties against the low housing supply would further drive up prices of the exclusive residential property type. Is this a good time for you to enter the market? Get in touch with Chee Seng at 81617124, for an in-depth discussion.