Buying or selling property in 2022? 4 trends to look out for

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Buying or selling property in 2022? 4 trends to look out for

It is said that the property market is not immune to major cyclical changes, but amid a pandemic, 2021 proved to a record-breaking year for Singapore as homeowners and investors drove a buying frenzy.

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For much of the year, eyewatering property sales dominated headlines as high-net-worth individuals (HNWIs) snapped up 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 end of the year, for the first 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 property in 2022? As Singapore moves into an endemic stage, will needs and preferences change? Read on to find out what property analysts have to say.


1. 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 most successful tech CEOs. At the same time, penthouses also gained traction with property buyers, fetching eye-watering prices.

But in 2022, this demand will likely slow down. "The latest cooling measures are likely to moderate demand in the entire private residential market, including GCBs and penthouses. We can expect the volume of transactions of these properties to drop in the short term. If sellers are not under pressure, they may maintain their asking prices or withdraw the property from the market. On the other hand, buyers may not be bullish like in 2021, so their offers are likely to be cautious, which may not meet the price expectations of sellers," said Ong Teck Hui, senior director, research and consultancy at JLL Singapore.


2. SPACE STILL A PRIORITY
As work from home and home-based learning became the default for most of the year, this fuelled demand for bigger, larger houses in 2021. Even though more Singaporeans are now allowed to return to the office as the country adopts an endemic approach to the pandemic, looking towards 2022, property analysts expect this trend to continue.

"As more Singaporeans get accustomed to working remotely or ease into a hybrid work model, the demand for larger homes is likely to stay," said Dr Tan Tee Khoon, country manager at PropertyGuru Singapore.


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 demand in properties in the Core Central Region (CCR). Instead, there will be higher demand for properties in the Rest of Central 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 Village) and 27 (Sembawang, Yishun) in the OCR, for example, recorded a 10.40 per cent and 10.23 per cent quarter-on-quarter growth to S$1,718.10 psf and S$1252.61 psf in Q3 2021, respectively," he said.