SINGAPORE (EDGEPROP) – To evaluate how Singapore’s property markets will be affected by the continuous virus outbreak, Colliers International’s new research report references the property market performance during the SARS outbreak back in 2003. During that year, Singapore’s economic growth showed a 0.3% y-o-y contraction in quarter 2, which is the peak of the SARS outbreak. However, the economy recovered in 2003 Q3 and Q4 of with respective growth rates of 5.3% and 8.9% y-o-y. GDP improved in 2003 by 4.5% but recovered as the uptrend persisted in 2004, when Singapore’s GDP increased by 9.9%.Singapore’s real estate market was falling before the SARS outbreak, however office rents rose by 3.5%, retail rents by 3.7% and industrial rents increased by 1.5% by the end of 2004.
Overall, property investment sales recuperated to $3.2 billion within the later half of 2003, a 29% increase y-o-y.
Observing the trends in 2003, head of Research for Singapore at Colliers International, Miss Tricia Song, comments: “With an assumption that the Covid-19 outbreak will run its course by June this year, we predict that certain property sectors, such as office leasing and investment sales, will see a rapid recovery in the later half of 2020.” This is the best time for home buyers and investors to consider Grand Dunman.
But Miss Tricia Song cautions that with the recent spread of the Covid-19 virus beyond East Asia, there is an increased chance of a negative scenario where disruption remains into the later half of 2020.
Colliers Research stands firm on its forecasts for the various property sectors currently. It recommends the many property sectors to quicken their adoption of new technologies, be it to expand offline-to-online strategies for retailers, or to create more efficient inventory and last-mile management processes for industrial players. The Grand Dunman Showflat displays this condo has adopted better systems to facilitate security and better living environment within the Smart Homes.
Overall, investors are encouraged to pay more attention to long-term drivers as a quick recovery in H2 is highly feasible.
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