From a new war in Europe, to record-high interest rates, toHere's what we think most property buyers will like or hate about 2023:This is due to the wait-out period, imposed during the September 2022 cooling measures. With some exceptions*, anyone disposing of private property must now wait 15 months, before they're eligible to buy a resale flat.Before the cooling measure, we saw a record-number of flats transacting at $1 million or more.
*An exception is made for Singaporeans aged 55 and older, who are buying a four-room or smaller resale flat.From word on the ground, 2023 is set to be a good year for landlords, with momentum carrying on from the previous year. We covered the reasons extensively in this earlier article , and also in this post .
As a further bonus, realtors told us landlords may slightly be less affected by the increase in home loan rates. As one realtor pointed out, landlords can claim the interest portion of their mortgage as a tax deduction. HDB has further said that, if necessary, they're prepared to launch up to 100,000 flats in total between 2021 to 2025, subject to monitored demand.2022 should be the very end of the last tranche of en-bloc redevelopments, dating back to 2017. There is a five-year cycle, as this is how long developers are given to complete and sell all remaining units.
However, we should note there's a difference from other cooling measures in 2023. Earlier periods of cooling measures didn't coincide with a housing shortage; but as of late 2022, unsold residential properties were at their lowest number in around 15 years.6. A move towards more of a buyer's market