This week the most exciting property news is no doubt the new URA development guidelines for non-landed private residential projects.
In this video, we are going to discuss the market implications of the new URA rules for the developers, home buyers and property investors.
1. What are the two major guidelines?
2. Why is it another blow to the developers?
3. What home buyers should thank URA for?
4. Why buyers and investors should stop buying shoebox units right now?
You can now watch the podcast below. If you want to read the script, turn on the “cc” button – the leftmost button at the bottom right hand corner.
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Really appreciate the point where Developers (and agents and vested parties) are passing their problems/ hot potatoes to buyers.
Many vested parties kept singing the ‘can buy, don’t buy, wait for what’ tune, ‘wait and wait, how many ten years you have’ and ‘prices must go up…shoot up’
Probably because they need to feed their empty stomaches or catch buyers with the herd mentality.
Yes, it is the saying “how many ten years you have?” that makes me think twice before I buy. I heard many real-life stories of people who bought at the peak of 1996 and only managed to break-even by 2014. That’s a total of 18 years! The URA PPI is misleading because it takes the average of all new sale and resale, newer and older units.
Some property analysts and agents are seriously deluded…claiming that as the supply of shoebox units will be reduced due to this measure, prices will go higher! So therefore potential buyers should seize the opportunity now to buy. Flabbergasted…but yet many will really buy. HK properties prices just dumped 20% last week and its foolish to think that Singapore’s property prices will not be affected.
You are right. It is absurd to convince home buyers to buy now when we all know that we can all buy “regulated” new units with better layout, more usable areas and more affordable starting from mid-January next year.
You know before banks in Hong Kong raised interest rates on September 26, many industry stakeholders claimed that even though property bubbles have busted all over the world, Hong Kong property prices will never collapse because there is sustainable local demand. It is just like when we all see a recession coming, property agents still convince buyers to buy now. They would say very soon developers and sellers are going to hold back their new launch projects and units for sale. At that time even if you have money to buy, you still can’t find anything to buy. So better buy now. Sigh, good or bad times, property agents still have to eat.
Hi Vina, your youtube videos are not working.
Is YouTube down again? They are working fine on my side. Try refresh your browser to see whether it works now.
Indeed, seems like there was some issues on Youtube last night. They are working fine now, thanks!