The effects of Covid-19 were unforeseen. No one expected such drastic changes when the virus first hit the world. To date, more changes are still taking place. No one can predict what will happen in the future, which has made it hard for people and businesses to make decisions.
Most economic projects have been put on hold, and no one knows when they will be completed. This is to protect people from catching the virus to reduce its spread. Like any other industry, the real estate industry has had its share of the pandemic’s negative impacts.
Many projects have been put on hold, and buying and selling of homes is now done virtually. Besides, costs, values and rates have been unpredictable. Real estate prices have been unstable since the beginning of the pandemic. Buyers are unsure whether prices will rise or drop while sellers are not sure of return rates as seen in PropertyGuru No.1 property website.
Such uncertainty has made a lot of people make spontaneous decisions. Sellers are selling houses at throwaway prices while buyers are willing to purchase a unit at whatever cost. To some extent, this is a good thing as buyers can afford to buy a house easily. However, it has led to the increase of fraudulent real estate agents taking advantage of innocent buyers.
If you’re interested in this phenomenon, please take a look at the following infographic. It shows the latest research into how Singaporeans are unsure of future prices and how property prices have been unstable amid Covid-19 outbreak. Check it out below.
Infographic designed by PropertyGuru No.1 Property website
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