Despite dire predictions of sharp drops, Singapore’s property prices don’t seem to have budged much, but statistics may mask a market already in deep decline.
The official price index data appear largely benign, down just 0.7 percent in the third quarter, for a cumulative decline of less than 4 percent from the peak in 2012. But that’s the wrong price data to look at, said Alex Shlaen, a property investor and CEO of Panache Management, a luxury brand manager.
The price index rolls in prices across various classes of properties, including the mass-market segment, more geared toward end-users, with luxury properties, where investors appear to be turning up their nose at higher prices.
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