Quote:
Originally Posted by propertyowner
aiyo, don't be sour grapes. singapore today is different from the 90s, so many highly paid bankers, lawyers and civil servants nowadays. if you need a home, just buy within your budget no point cursing the market. even if financial crisis returns, the most we will see is 20% correction from current prices, but with low interest rates most people can afford to hold.
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If you look at historical housing bubbles internationally, when they burst they might even go slightly below the start at the bubble. US is experiencing a large deflation in properties ever since 2008. When I was in UK recently, every street in my neighbourhood had a 'for sale' sign.
Some may argue that our long term fundamentals are so strong (i.e. we are so small in size and surrounded by water) that prices cannot go below 20%. But I prefer to see the numbers.
I don't know what are the statistics for housing bubbles in Singapore. Wasn't born yet! Anyone care to share the statistics?
e.g. 1997 bubble, prices dropped to 50% from peak to trough.
2008 bubble, prices dropped to ?? %.