Private property buyers will no longer have to grasp at thin air in their attempt to make sense of which way the market is leaning in terms of prices, sales volume and even incentives offered by the developers or sellers.
Photo: iProperty’s transacted property price trends data is provided online
Starting from June 5, buyers or anyone who wants to do their market research can now access the Urban Redevelopment Authority’s (URA) website. Data will be published weekly. That would also mean much more transparency in the marketplace, including information provided to banks in order to allow them to better gauge applicants’ loan limits and also loan amounts which take into consideration value benefits such as cash rebates, legal and stamp duties absorption, rental guarantees and furniture vouchers.
Improvements will also be made into transparency of showflat depictions by developers. Previous complaints about obvious differences between showflats and the actual unit have not fallen onto deaf ears. Now, the Housing Developers (Snow Unit) Rules which will be in force starting from July 20, will keep everyone on the right track. Showflats ready for viewing before July 20 will however be exempted from the rules, though developers are required to made clear the differences between the showflats and the actual unit.
How will these new rules change the playing field? Will it be easier or more difficult to secure loans from the banks once these rules are put in place and enforced? Will that in turn affect the buying power of the already restricted purchasing crowd?