Hopes of a quick turnaround in property market fizzling out

Hopes of a quick turnaround in the property market here are fizzling out.

Property consultancy DTZ said the probability of a full recovery in the Singapore property market by the end of this year is low.

In a research report issued on Wednesday, DTZ predicted there is only a 0.1 per cent chance that the Singapore office rental market will recover by year-end.

The residential market here is not faring much better, with only a 0.9 per cent probability of recovery by the third quarter and a 5.8 per cent chance by the end of the year.

DTZ said the Singapore residential market has a better chance of bottoming by mid 2010 and stage a gradual recovery from then onwards.

It also expects the office market to lag the residential market in staging a recovery.

Factors that DTZ used in its forecast include Singapore’s stock market index and the cumulative unsold inventory held by developers.

Source : Channel NewsAsia – 22 Apr 2009

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