SINGAPORE (Reuters) – Singaporean Jason Chen recently bought a S$1.7 million ($1.26 million) three-bedroom apartment in a swanky condominium, upgrading his home in the middle of the COVID-19 pandemic which has triggered the country’s worst ever recession.
“I know the price will rise”, said the 32-year-old, who has spent nearly a decade working in real estate.
Undeterred by the economic slump and rising unemployment, Chen is among thousands of locals snapping up property in Singapore and taking a share of the market not seen in a decade as travel curbs thwart foreign investors.
This broad-based buying spree, which has pushed prices and sales to multi-year highs, has some parallels with a housing market boom seen in late 2009 as Singapore emerged from the global financial crisis. That forced the government to initiate several rounds of cooling measures to cap surging prices.Reuters News