Property interest surges as cooling measures end

Half of affluent buyers see improved property buying conditions.

Following the withdrawal of all property cooling measures in February, 50% of affluent individuals think that it is now a better time to buy a property, whilst 40% think it does not make any difference, and 8% think it is a worse time to buy, Citibank reported.

Meanwhile,72% express a greater interest in buying a property, with 46% buying for investment, 34% to support their children, and 25% for rental income. Only 6% expressed less interest in buying a property following the lifting of cooling measures.

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Affluent individuals with children (77%) and a monthly income of over $80,000 (75%), as well as property owners (81%), are more interested in buying a property. 

Of these, 42% cited that the removal of Special Stamp Duty (SSD) increased their buying interest, followed by the easing of loan-to­ value ratios for residential properties (41%), and the removal of Buyer's Stamp Duty (BSD) (36%).

In terms of moving into a new property, 62% expressed a greater interest whilst 3% expressed otherwise. 

In addition, 54%, 62%, and 57% expect housing prices to rise over the next 6, 12, and 24 months, respectively, compared to 31%, 21%, and 26% who believe prices will stay flat. Only 13%, 16%, and 15% anticipate a decline in housing prices for the same periods.