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Property market outlook picks up, says survey

PropertyGuru

by Romesh Navaratnarajah Property industry players showed marginally improved sentiment in Q2 2012, according to a recent survey carried out by the National University of Singapore (NUS) and Real Estate Developers' Association of Singapore (REDAS).

For the quarter, the Composite Sentiment Index that reflects overall real estate market sentiment, increased slightly to 4.7 from 4.6 in the previous quarter.

The Current Sentiment Index also inched up to 4.9 in Q2 from 4.8 in Q1, which indicated that respondents consider current market conditions to be better than six months ago.

The Future Sentiment Index, where respondents rate the country's overall property conditions for the next six months, also rose to 4.5 from 4.4 in Q1.

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Around 70 senior executives from REDAS member-firms, mostly developers, participated in the Real Estate Sentiment Index (RESI) survey.

Respondents polled cited the top three potential risks on market sentiments as the global economic slowdown, oversupply of new launches and oversupply of new development land.

The survey also showed that fewer developers are expected to increase residential launches while the majority feel that prices will stay the same.

Overall, property players remain cautious on the market outlook but sentiments vary for different sectors.

With a net positive sentiment of 33 percent, hotels are the clear favourite while the office sector hit bottom with a negative sentiment of 31 percent.

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