2024 Property Wisdom

Recently, Nicholas Foo and I sat down to discuss the property outlook for 2024. What should newcomers know to reduce risks when investing in property and what sort of advice should they be adhering to? I believe the answers are all on the latest episode of Teatime Tuesday. Nicholas Foo is the executive director of CKS Property Consultants. The company is a pioneer in Singapore’s real estate landscape. They provide a suite of professional services in the residential, commercial, industrial and retail property sectors.?

Why are property prices so expensive??

In the interview, Nicholas mentions that the land prices that new developers are buying are much higher than they were in the past. Construction costs are rising as well as interest rates which are all factors that contribute to the expensive property prices.?

What should a property investor look out for??

Nicholas mentions that property investors can:?

• Look beyond property type (freehold/leasehold); also, assess amenities.
• For future residents, think ahead 5-10 years; consider commuting convenience and nearby facilities.
• Prioritise a property's impact on daily life when making a buying decision.

Data Transparency in 2024

Nowadays, it’s easy to know how much your neighbouring properties are being sold for or bought, so Nicholas says that data can be used to your benefit. It can also be used to compare whether your purchase or your selling price is within the market range. Just like I said in the interview at the end, you do have to calculate everything so that you can get a clear idea of what you’re getting into and how it’s going to look 30 to 50 years from now.?

The full interview with Nicholas can be viewed here: https://tinyurl.com/PropertyOutlook2024?