iProperty.com Singapore reveals the results of its latest survey: Majority of Singaporeans have Low Confidence in the Country’s Real Estate Market.
Singapore, March 10, 2009 — iProperty.com Singapore, Singapore’s No. 1 property website and part of the iProperty.com Group, reveals the results of its latest survey on the real estate market, which shows Singaporeans to be the least confident and least optimistic about the property market compared to Hong Kongers and Malaysians.
Results of two separate polls, which were carried out from 22 January to 26 February 2009 in three countries – Singapore, Hong Kong and Malaysia – show that amongst the three countries surveyed, Singaporeans are the least optimistic with majority of respondents opining that market conditions will worsen and that property prices will continue to fall in the next six months.
Poll 1: Should I wait for market conditions to improve before selling my property?
• On selling properties, out of the total 106 respondents who participated in the first poll, 57.5% felt that market conditions would worsen and prefer to let go of their properties now to cut their losses.
• 30.2% of respondents felt that the time is not right to sell, and would prefer to wait for things to turn around.
• A minority of 12.3% believed that market conditions may not be ideal, but remained confident of getting good prices for their properties.
Poll 2: Considering current market conditions, do you think this is the best time to buy property?
• On buying properties, the second poll – which had a total of 114 respondents – a whopping 89.5% felt that the timing was not right to purchase property, as they believed that chances of property prices dipping in the next six months are high.
• Only a minority of 10.5% felt that property prices are already at the lowest, hence it would be a good time to buy.
Amongst the three countries surveyed, Singaporeans are the most pessimistic about the property market, with Malaysians being the most optimistic and Hong Kongers taking a wait-and-see approach. Given current market conditions, Singaporeans are also more inclined to rent rather than buy (please refer to enclosed Annex for poll results).
Executive Chairman of the iProperty.com Group, Patrick Grove, says: “Despite the negative sentiment, we have been witnessing a tremendous increase in our website traffic. While market conditions are not rosy, there are a number of Singaporeans who are on the lookout for bargain buys. We also observe that more people are renting, with rental enquiries on iProperty.com Singapore rising significantly in the last 12 months.”
“During the heady days of the property boom, a lot of people purchased property – speculators, investors and homebuyers alike – and they would have paid high sums for their properties. Furthermore, there is a huge supply of new properties coming onto the market, with numerous new properties to be completed this year. This situation applies downward pressure on property prices and increases competition to sell and rent. Having said that, the Singapore property market should do well in the long term, based on the country’s strong and solid economic fundamentals,” adds Grove.
The iProperty.com Group operates Asia’s leading network of property portals. Since its launch in 2007, iProperty.com Singapore has grown rapidly to become the country’s No. 1 property portal. It recently revamped its iCondo Directory with over 3,500 new images and 200 panoramic tours. It has also launched a brand new HDB Flats section, which includes panoramic tours of HDB estates, guides on buying, selling and renting HDB flats, as well as guides on each HDB estate.
In addition to the speed and convenience of the Internet, iProperty.com provides consumers with a greatly enhanced property hunting experience via a comprehensive range of features and property hunting tools. These include a powerful search function; a large database of the latest listings complemented by photos, videos, virtual tours and Google maps; email alerts; a large pool of useful resources and guides, and iExpert, a novel platform for users to seek answers and share knowledge on property related matters. On top of that, it regularly carries out surveys and polls to collate useful data for its consumers, as an added value for property hunters and sellers alike.
iProperty.com online polls and surveys are conducted across three countries – Singapore, Malaysia and Hong Kong – on a regular basis. These polls pose questions that elicit market sentiment in these three key Asian markets in the real estate industry. The results of iProperty.com’s online polls and surveys are relevant, current and reflective of the market as it reaches a wide audience with its large volume of traffic website and unique visitors.
About iProperty.com Singapore
iProperty.com Singapore is the country’s No.1 property and real estate website with more than 200,000 current and archive property listings. Working with more than 1,800 real estate agents, iProperty.com hosts the largest and most comprehensive online database of properties for sale and rent in Singapore. Each and every month, the website help tens of thousands of Singaporeans, expatriates and foreigners find their dream homes or investment properties. iProperty.com Singapore is also the official partner of the Singapore Institute of Estate agents (IEA), and has exclusive partnerships with MSN, DBS Bank and AsiaXpat to power their real estate channels. iProperty.com Singapore is part of the iProperty.com Group.
iProperty.com Network
Singapore: iProperty.com Singapore
Malaysia: iProperty.com Malaysia
Hong Kong: GoHome.com.hk and House18.com
Taiwan: VRHOUSE.com.tw
India: iProperty.com India
Philippines: iProperty.com Philippines
Events: iProperty.com EXPO
Luxury: iLuxuryasia.com
About iProperty.com Group
The iProperty.com Group is Asia’s No. 1 online property group, with leading property websites in Singapore, Malaysia, Hong Kong, Taiwan, India and the Philippines. It is part of Australian Securities Exchange-listed IPGA Limited, (ASX: IPP)
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