How will the construction labour crunch affect the condo prices?

As COVID-19 continues its cruel stance across the world, countries have been taking their own respective measures in their fight against this global pandemic.

One of the major changes that Singapore implemented after much careful consideration, was the tightening of border controls. With everything else, this came with consequences to the local economy as well.

One of the most impacted industries with the implementation of tighter border controls, is the construction industry. This introduced a labour crunch for the industry as foreign workers were unable to come into the country and many construction companies have been facing an increasing rate of shortages of workers to complete their projects.

A large portion of these projects include many ongoing new launches waiting to be completed through construction. With a shortage of workers, the labour crunch will severely impact the delivery of these new launch projects and extend the completion time of such projects. This will in turn lead to home buyers experiencing a delay in receiving their keys to their new homes. With the rise of such cases happening in recent months due to the impact of the pandemic, many aspiring home buyers have been turning to the private resale market instead, due to the assurance of how fast they will be able to get the keys to their new home if they got it from the resale private market.

From a bird’s eye view, we can see how this will affect the market as a whole as demand for the resale private market will inevitably bring prices on a growing upward trend as well. Condo prices are forecasted to continually increase and this may be good news for sellers in the private resale market industry!

Still unsure on whether you should sell or buy a property during these uncertain times? Here at WonderHomes, we dedicate ourselves to providing you with the best property insights and based on the current market analyses! With our experience of being in the real estate industry for many years, get a comprehensive understanding of your property portfolio and financial situation with us today! Drop by our website at https://www.wonderhomesg.com/ and give us a call today!