Buying or selling property in 2022? 4 trends to look out for
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Buying or selling holding in 2022? 4 trends to look out for
Afterwards a stellar year in real estate, what will drive the property market in 2022? We speak to belongings analysts to find out.
Larger spaces will still be a priority for homeowners purchasing belongings in 2022. (Photo: iStock)
xxx Dec 2022 04:29AM (Updated: xi January 2022 04:39PM)
It is said that the belongings market is not immune to major cyclical changes, but amid a pandemic, 2022 proved to a record-breaking twelvemonth for Singapore every bit homeowners and investors drove a buying frenzy.
For much of the year, eyewatering property sales dominated headlines every bit high-net-worth individuals (HNWIs) snapped upward lavish homes. Take for example the record-breaking sales of Good Class Bungalows (GCBs), led by a new generation of tech tycoons in the country.
By the finish of the year, for the get-go time since 2018, spikes in housing prices prompted the introduction of a new set of cooling measures, which kicked into place on Dec 16.
For those undeterred by the measures, what will drive the search for holding in 2022? Every bit Singapore moves into an owned stage, will needs and preferences change? Read on to find out what property analysts have to say.
ane. LESS DEMAND FOR PENTHOUSES AND GCBs
The demand for GCBs witnessed a boom in 2021, courtesy of a buying spate by some of Singapore's virtually successful tech CEOs. At the aforementioned time, penthouses also gained traction with property buyers, fetching eye-watering prices.
But in 2022, this need will likely boring down. "The latest cooling measures are probable to moderate need in the entire private residential market, including GCBs and penthouses. We can expect the volume of transactions of these properties to drib in the short term. If sellers are not under pressure, they may maintain their asking prices or withdraw the property from the marketplace. On the other hand, buyers may not be bullish like in 2021, so their offers are probable to be cautious, which may not meet the toll expectations of sellers," said Ong Teck Hui, senior managing director, research and consultancy at JLL Singapore.
ii. Infinite Even so A PRIORITY
Equally work from home and home-based learning became the default for most of the twelvemonth, this fuelled demand for bigger, larger houses in 2021. Even though more Singaporeans are at present allowed to render to the office every bit the country adopts an endemic approach to the pandemic, looking towards 2022, property analysts look this trend to keep.
"As more Singaporeans get accepted to working remotely or ease into a hybrid piece of work model, the demand for larger homes is likely to stay," said Dr Tan Tee Khoon, state managing director at PropertyGuru Singapore.
"With the pandemic, it has brought virtually an sharp shift in the manner people live and work. We foresee that working from home will go on to be a norm moving forward and that more buyers who seek new homes volition await for ones that can accommodate a home function or report room. As such, homes that are spacious volition go along to be well sought-after moving forward," said Ismail Gafoor, CEO of Propnex Realty.
3. TOWARDS THE SUBURBS
With more Singaporeans getting accustomed to remote work or adopting a hybrid work model, PropertyGuru's Dr Tan expects a softening of need in properties in the Core Fundamental Region (CCR). Instead, there will be higher demand for properties in the Remainder of Primal Region (RCR) and Outside Central Region (OCR). This is exemplified in data published in the PropertyGuru Singapore Market Index (PMI) Q4 2021.
"District 17 (Changi Airport, Changi Hamlet) and 27 (Sembawang, Yishun) in the OCR, for example, recorded a 10.twoscore per cent and 10.23 per cent quarter-on-quarter growth to Due south$i,718.10 psf and S$1252.61 psf in Q3 2021, respectively," he said.
4. More than ECO-FRIENDLY Backdrop
A silver lining to the pandemic was the increasing awareness in the importance of sustainable living. With this, new launches throughout 2022 showcased various eco-friendly features in their designs.
One of the twelvemonth's launches, Jervois Mansion, featured apartment units shrouded in veranda-like heaven planters. There is also a community urban farm and garden. The development is the first individual residential evolution in Singapore to be granted the BCA Greenish Mark Gold Plus Super Low Free energy Residential Building.
Breaking apart from "green" features, The Reef at King's Dock, also launched this year, is Singapore's first residential property with an underwater marine viewing area, where residents tin view and appreciate the marine ecology.
"Eco-friendly developments have and will continue to be a norm moving forwards as people abound more environmentally conscious," said Propnex'south Gafoor. "In addition, with energy and h2o prices on the rise and with piece of work from home way standing to persist, it has certainly increased the emphasis on having light-green features in homes such as energy-saving appliances and smart-cooling engineering."
PropertyGuru's Dr Tan also echoed similar sentiments. "We anticipate a healthy interest for smart and sustainable living choices in 2022. According to our H2 2022 Consumer Sentiments Survey, 82 per cent of Singaporeans are willing to consider paying more for an environmentally sustainable home, with their top three sustainability features comprising smart cooling systems (65 per cent), loftier-insulation windows and doors (60 per cent), and solar panels (54 per cent).
The importance of addressing environmental sustainability to gainsay climatic change is picking up pace every year and the growing number of initiatives for green homes, like our authorities'due south contempo launch of the Singapore Light-green Plan 2030, makes this more credible, encouraging more than domicile buyers to go green," Dr Tan said.
In this line, Christine Sun, senior vice president of research and analytics at OrangeTee, believes that "developers may focus on constructing more sustainable buildings to mitigate the impact of climate modify and promote light-green living. There has been a not bad emphasis on recycling and sustaining an eco-friendly surroundings through education and awareness among the younger generation."
Developments with such attributes may appeal to certain groups of buyers, especially millennials, Dominicus added. "Green buildings are increasingly viewed favourably and tin can fifty-fifty be seen as marks of quality and premium living."
WHICH ARE 2022'S ANTICIPATED LAUNCHES TO LOOK OUT FOR?
There volition exist a few notable launches to keep an heart out for in 2022. These include Belgravia Ace by Fairview Developments, a freehold strata-landed project situated in the Seletar Hills landed estate. The development, located along Belgravia Drive in District 28, features a total of 104 semi-detached units and three terrace units equally well equally shared facilities such every bit a swimming puddle and clubhouse. Previews for Belgravia Ace begin on Jan 8, with the official launch slated for Jan 22.
"The strata-landed homes will appeal to those who wish to live in a landed community while enjoying the facilities and nearby amenities that the projection has to offer," commented Propnex's Gafoor.
Also expected to launch in H1 2022 is a 99-twelvemonth leasehold integrated development by MCC Country located next to Tanah Merah MRT station, with commercial units on the ground floor and an estimated 265 residential units. "This projection will be a hit amongst Singaporeans, particularly HDB upgraders, who enjoy the convenience of living in an integrated evolution that comes with straight admission to the MRT station," said Gafoor.
Other residential projects that may draw buyers' interest include Bukit Sembawang's Liv @ MB at Arthur Road and the Pollen Collection, which is the third stage of landed houses to be launched at Nim Road, said OrangeTee'due south Sun.
Liv @ MB is a redevelopment of the erstwhile Katong Park Towers. The 99-year leasehold apartment sits on Arthur Road in the prime number District 15. Meanwhile, Pollen Collection, located in District 28 at Nim Road and Ang Mo Kio Ave 5, comprises 132 landed homes, including 106 inter terraces, 22 corner terraces and four semi-detached units.
IOI Properties' Marina View projection, a mega development with some 905 residential units is too expected to attract buyers if launched side by side year, courtesy of its CBD location in Marina Bay, said JLL's Ong. "Information technology volition also be the beginning residential project launch in the Marina Bay area since 2022 when Marina One Residences was placed on the market," JLL'south Ong added.
Source: https://cnalifestyle.channelnewsasia.com/obsessions/singapore-property-trends-2022-294421
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