Respected media company CNBC has reported that 2014 will see
lower prices in regional real estate markets, although the predicted
declines offered by many will not be as drastic as some market
commentators are expecting.
In a media report yesterday it
reported: “A taper tantrum won’t be the only reason why Asia’s property
prices will finally cool. Numerous housing curbs unleashed in Singapore,
Hong Kong and China over the last few years are slowly wearing down
persistent demand, while the prospect of higher interest rates and a
flood of new homes hitting the market will inevitably take prices lower.”
The
media outlet added that the decline won’t be drastic and will likely
only be in the single-digit range, given that governments will now allow
any kind of drastic prices in prices.
PropertyGuru has
already seen predictions of as much as a 15 percent price correction for
2014, although those views are few and far between.
“Time to shop for homes, people,” the CNBC report concluded.
Andrew
Batt, International Group Editor of PropertyGuru Group, wrote this
story. To contact him about this or other stories email andrew@propertyguru.com.sg
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