In a country where property continues to stir public debate, it is hardly surprising that word about cash-over-valuations (COVs) falling to a four-year low has sparked chatter.
With analysts predicting that COV prices will decrease further, and with more resale HDB flats changing hands with lower or no COVs, buyers are keeping their fingers crossed that this trend will finally bring down the cost of resale public housing to reasonable levels. This is especially so in light of the slew of cooling measures introduced by the government in an attempt to tame the property market, with the latest placing stricter controls on homeownership of permanent residents (PRs).
Does this bring hope that balance will be restored in the HDB resale market, or are we placing blind faith that a positive change will take place?
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