Updated: Mar 26
One of the common questions i get from readers is whether i have studied the impact of the Asian Financial Crisis (AFC) and the Global Financial Crisis (GFC) on our Singapore Property Market and how it compares to what we are going through today.
In fact, i have and have shared my findings in March with my team before the lock down began.
While honestly, it is impossible to triangulate whether the current COVID situation would be similar to the prior economic crises, the knowledge of how markets have rebounded in the past does provide solace (whether rationally or not) for concerned property owners and investors.
Humanity always feels safer when we have something to cling on to, to reassure ourselves during distressed times.
Through the charts and analysis in this article, i hope to bring you some clarity on how the past events have panned out and my best guess on property prices moving forward.
Let's begin with the Asian Financial Crisis in 1997.
Impact of the Asian Financial Crisis on the Singapore Residential Property Market
The full brunt of the Asian Financial Crisis hit our shores in July 1997.