You know what happened in 2008? That was supposed to be the world's worst economic crisis ever. So a lot of people sold off their only home hoping to re-enter the market later. They waited and waited, then within a short 1 year, even the price of their former homes sold earlier costed more than what they were sold at. I benefited from this period of madness because my tenant sold off his 5 room flat and was waiting for the property price to fall. He waited for 1 year but panicked when he saw that the price of the flat that he sold off now costed more.

Many then rushed back in to grab something before prices went out of their reach causing the run up of the property prices.

2008 was an external crisis while now there is no crisis. The current housing "oversupply" and current dip in COV are all due to internal intervention by the government.

Whichever way you look at it, the price will maintain. When the government introduces more cooling measures, it means the demand is still very healthy. The latest measure introduced is for the EC market. When the market softens, the measures will be removed to maintain stability. It is all internal control, and the government does not want to crash the market but to suppress the price gain to within a sustainable 3 - 4% per annum.