See: Singapore may act to stall rising home prices: analysts
In 2020, as the Covid-19 pandemic negatively impacted the economy, the property market remained more than resilient with some 10,000 units sold during the year, marking a 5% expansion y-o-y, along with a 2.2% price growth y-o-y. Flash estimates for the Singapore property price index (PPI) in 4Q2020 point to a 2.1% y-o-y rise during the quarter.
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Which means that the trend will see upgraders will continue to “trade-up” their lifestyles to smaller homes.