Impact Of The Temporary Relief Measures On The Property Market (Updated)

temporary relief property market covid 19
Great news for the property market? Or is this to be expected?

And so, at 10pm on the 6th of May 2020, finally, some much awaited good news came in for the property market.

Amidst the generous support packages for our worst hit industries like the airlines, retail and hospitality industry, and the generous packages given out to Singaporeans and PRs to tide through these times, real estate industry stakeholders have been eagerly waiting with bated breath for the words to be spoken.

For it is expected. And would have been unreasonable had it not been.

That the real estate market, where perhaps tens of thousands of locals are employed in, would be the next industry in need of a rescue.

Big brother Wong has swooped in with temporary relief measures that is just sufficient at this point in time; what the market needs and not too little or too much.

With the past 2 weeks of constant reminders from the media that jobs are going to be lost en-masse, a longer than predictable recovery and how life will never be the same again, it did not require much more to make developers and agents sulk even in their sleep.

Property sellers i have spoken to recently have mostly agreed to be more flexible on their prices now than they were in early March, while buyers and upgraders are now negotiating much harder than before; hoping to scoop up a good deal.

How will these relief measures impact the real estate market in the next 6 months then?