How is our current market? How has it affected the last two years?
After the last cooling measures, our property market has been badly affected by the global economy and tough loan measures especially year 2016.
Many owners find their property valuation prices keep deteriorating and their rental income has also been reduced quite drastically. Small percentage of owners are still protected on their rentals as their properties are in better location and higher end properties.
Another important factor is owners who own their properties without any bank loan, they are perfectly sound. And the rental income they collect will also be purely positive income too.
Many owners are selling their properties is to reduce their debt ratio and also to cash out their existing profit margins.
Who are these buyers?
Local buyers are still buying for upgrading or downgrading. Many are also purchasing for better location due to children's education near to the specific schools.
Some clients are also buying for their lucky kids future or soon-to-be-married gift.
The banks interest is just too low to park money in there. These people are still pretty cash rich people to do so.
Why are people selling?
Many sellers have been unloading their properties due to various individual reasons. Many have unloaded their property portfolio to cash out at the right time as property prices have been deteriorating and many owners also find that the return on rentals are not justifiable compared to previous years of rental prices.
Many sellers are also cutting losses to avoid further drop in prices. Some people are selling their current properties to take a reduced profit or quickly cut losses and live in a smaller place which is just ideal for them.
As mentioned, some people are selling their current property to cash out the big sum and spend on smaller sum. Keeping the balance sum is more safe.
Some people are still looking to buy as an investment to rent it out but these clients are looking for better rentable properties as well as something they can afford or like to invest.
Overall, our property market is still strong in demand especially for those projects or in the resale market which are pretty reasonable in prices. As such, there are still a pretty good pool of walk in clients weekdays n weekends period in our local projects.
Hope this helps everyone's want to know how the current market is at the moment.
Dated 1st March 2017
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