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Property recovery pushing up GDP growth in 2018

 

Singapore – Despite a long gloomy period of stagnation since the peak in year 2013, our domestic housing market has been keeping a steady pace of recovery and is anticipated to provide the Singapore economy a major lift in the up and coming 2018. Likely to come in much stronger than expected while boosting the overall growth as a whole.

At almost the same time, a surge in our major electronics sector (export) were also seen and property segment will be lining the top 3 upward trends next year, based on the Survey of Professional Forecasters by Monetary Authority of Singapore (MAS). These latest survey results were distributed out on 23 November and collectively gathered by a group of 23 economists and analysts.

This positive outlook on the broader economy were seen coming from the recovery of the property market segment in several directions as there will be more potential construction project activities, a surge in bank mortgages as well as higher spending from those collective sales jackpot windfalls.

Thousands of home owners from successful collective sales process will be coming into the market steadily for another residential property in the next few months or so, thereby pushing up the local real estate transactions with a possible moderate movement in home prices.

Going forward, the construction sector will also likely recover from a 7.6 per cent decline in 2017 to a 1 per cent growth in 2018, riding on the success of a seemingly strong housing market recovery and with more collective sales process planned in the pipeline.

With this boost to the real estate scene, all private home loans will also be inevitably lifting the finance and insurance sector hand in hand. You could also witness the psychological phenomenon when these huge group of home winners with more ready cash on hand, possibly triggering a much greater consumer spending in 2018.

It is of course not without any substantial reasoning that it could possibly trickle down to different sectors as a slew of positive data presents the first ever uptick seen in 2017 after fifteen consecutive quarters of shrinking. Especially the most unexpected collective sales fever direction this year with 28 successful deals (up to date) awarded, compared to the pale of 3 such deals last year.

economist 2018 forecast

Nonetheless, it may not come as good news if local housing market gets too buoyant and lively, said Credit Suisse economist Michael Wan.

Should the price rise too quickly and in unsustainable manner, the city state will most certainly step in to put a halt with the fear of rising inflation and wage pressures. Most of the economists and analyst surveyed believe and expect growth to trickle in at a stable and moderated pace of 3 per cent on full year augmentation.

So what is your take on this? Are your expectations in line with the projected figures? Do you think the recovery of property market will prop up the GDP even on the minimal?

If you have an opinion pertaining to this report, please kindly write in to us. Thank you!

Misunderstood “facts” about property agents in Singapore

Many people have the idea that real estate agents in Singapore have a highly lucrative job and that they make money without lifting a finger. With the ethical issues, many people have a terrible opinion about the real estate agents in Singapore. Life in this industry is not easy at all; the agents need to run around various marketing deals and speak with many people to seal a deal. Sometimes, we need to understand that a lot of work goes on the paperwork they do. We cannot generalize the fact that all real estate agents make money without any effort.

The following are some of the misunderstood facts about property agents in Singapore:

Real Estate agents have a highly lucrative job and become millionaires in just a day:

The salaries of real estate agents depend on various factors which affect the property market. The market flourished between the years 2009 to 2013, and since the buyers were offered huge capitals with low-interest rates, the demand and transaction volumes grew on a large scale. But, this does not happen all the time, the real estate market is highly volatile, and no one knows when it will increase and when it will go down. Agents may go for months without closing a single deal and lose a lot of money. They earn via commission, and it is calculated based on the percentage of property scale and the rental amount. There are times when an agent can make a lot of money, but there are also times when they hardly make anything.

Real Estates agents’ job is straightforward, and they just have to deal with paperwork:

Paperwork is one of the primary things which an agent does in the industry, but it is not the only activity he performs in the industry. There are times when agents have to run errands for the clients to seal a deal. The field is extremely service oriented, and every single agent in the industry has to face stiff competition, and it is very challenging to stand out. They always have to go an extra mile to seal the deal.

The agents do not do marketing:

One cannot sell a property without having a proper marketing strategy. If buyers need to know that there is a potential property which is out for sale, effective marketing strategies must be taken for clients to understand that a particular estate is on sale. Some property owners request the agents to help them with the purchase of their property.

Accreditation is not compulsory:

With the establishment of Council for Estate Agencies (CEA) in the year 2010, it is mandatory for all agents to have certification and they must be certified to continue to be in that field. To increase the ethical values, the threshold to enter the industry has increased.

Ethical Issues in Singapore’s Real Estate Industry

The real estate prices started to increase in Singapore in the year 2009, and since there was no property which was affordable in the city, it was being criticized on a large scale for the lack of affordable houses. The criticism slowly increased and became a clamour, and everyone was complaining about the pricing range of the real estate properties. When the protest became furious, the government had to get involved and cool down the market. Even then the prices did not reduce, but later the transaction volume dropped, and ethical practices were the cause for the concern in 2014.

The misunderstanding between agents and clients:

There are different localities in Singapore, and the potential clients are from all parts of the world. Thus, a real estate agent must take the extra effort to explain to the client on the price range of the property. Some agents tend to behave appropriately and coordinate with their clients and make them get the best deal possible, but other agents get frustrated with their buyers and do not perform their duties diligently.

Many buyers were complaining that their real estate agents were misinterpreting information and were providing false news to gain more money. They also started to pressurize the clients to buy the property otherwise it would be sold to another buyer. Buying a house is a significant investment for most clients, and they are concerned about lots of things regarding the home they purchase. In this situation, ethics are fundamental in the industry to satisfy the customers and the sellers.

The reason for the misunderstanding:

The growing complications of the dispute between the clients and the agents are mostly due to the lack of strict regulations over the conduct of housing agents. Since there were no proper regulations, the agents started to behave as roughly as possible to gain more money. Due to this, there were many complaints raised by the Consumer Association of Singapore (CASE).

Consumer Association of Singapore is a non-governmental organization which involves in promoting fair trade practices across all the industries.  Though many complaints were raised to this association, it was not able to solve any problem as it did not have any regulatory power or have the expertise to deal with complicated real estate disputes.

Council for Estate Agencies (CEA):

Since CASE could not provide any solution to the problem, the Ministry of National Development had set up a Council for Estate Agencies (CEA) in the year 2010 for monitoring the practices of real estate industry and to enhance the ethical behaviour of the agents in the industry. The main aim of CEA is to make sure that the agents are qualified. They also offer training programmes which teaches them ethical ways to deal with a client. By creating a more ethical environment, the CEA believed that there would be no conflicts between both the parties.