USD keep depreciating against SGD 🥲

[ygsub41]

Sgd strength is the key reasons why so many north asians snapping up our property

 

[reddevil0728]

Sgd strength is the key reasons why so many north asians snapping up our property

got basis for the suggestion of the causation rather than just correlation?

 

[ygsub41]

got basis for the suggestion of the causation rather than just correlation?

Safer and stable bah i guess
Why park your money in an artificially suppressed currency right

 

[reddevil0728]

Safer and stable bah i guess
Why park your money in an artificially suppressed currency right

ok so the basis is your guess. i got got some official basis

 

[ygsub41]

ok so the basis is your guess. i got got some official basis

Pls share your info

 

[reddevil0728]

Pls share your info

you are the one suggesting

Sgd strength is the key reasons why so many north asians snapping up our property

hence i thought it is based on some official basis.

 

[BBCWatcher]

Why would foreign buyers be in a rush to trade their now weaker currencies for appreciated real estate in Singapore — and pay record high ABSD on top? Isn’t that a great way to buy at higher (or the highest) prices?

Price increases tend to discourage prospective buyers, right?

 

[DevilPlate]

Some say dirty money.

it makes absolutely no sense to pay hefty absd.
unless after they obtain PR

 

[ygsub41]

you are the one suggesting



hence i thought it is based on some official basis.

Dont think so much, life has more important things than to worry of such thing

 

[reddevil0728]

Dont think so much, life has more important things than to worry of such thing

No worry la.
But more of checking if is sweeping statement.

chill

 

[ygsub41]

No worry la.
But more of checking if is sweeping statement.

chill

Thats the point you see, you worry its a sweeping statement
There are more important things in life than to worry this

 

[reddevil0728]

Thats the point you see, you worry its a sweeping statement
There are more important things in life than to worry this

I think you also don’t need worry about whether I’m worried or not.

 

[ygsub41]

I think you also don’t need worry about whether I’m worried or not.

Definitely not worried
Just found it amusing

 

[BBCWatcher]

Some say dirty money.

Well maybe, but there are plenty of stable countries even more open to immigration but with less currency and property appreciation. I don't understand why real estate in Singapore would be more attractive to either clean or dirty money when its relative price rises more and faster than alternatives. That seems backwards to me.

 

[DevilPlate]

https://www.channelnewsasia.com/sin...ions-foreigners-share-desmond-lee-mnd-2934616
"In the past two years, they (foreigners) accounted for around 3 per cent of all private housing transactions," Mr Lee wrote in an answer to a parliamentary question by Non-Constituency Member of Parliament Leong Mun Wai (PSP).

 

[BBCWatcher]

Also this:

Huttons Asia's senior director for research Lee Sze Teck said December 2022 has set "the record for the slowest month ever".

https://www.channelnewsasia.com/sin...g-home-sales-units-ura-ecs-developers-3208716

Who's "snapping up our property"?

 

[iceblendedchoc]

shouldn't it be good when it get lower?

 

[churnmaster]

Well maybe, but there are plenty of stable countries even more open to immigration but with less currency and property appreciation. I don't understand why real estate in Singapore would be more attractive to either clean or dirty money when its relative price rises more and faster than alternatives. That seems backwards to me.

Singapore’s fiscal situation is much better than majority of other nations. Add to that, most of the stuffs are imported into Singapore leading to imported inflation and the easiest way to reduce its impact is by allowing your home currency to appreciate. Since inflationary environment is likely to continue in the near future, appreciation bias is also likely to continue. Lastly, liquidity begets liquidity. Flows attract more flows. We saw massive inflows in the last 2 years and a portion of that would have got invested in the property sector.

Having said that, majority of the property investment has been done by Singapore residents front running the foreigners, courtesy the property agents. So far the higher mortgage rates have not adversely impacted these buyers as they have succeeded to push up the rentals. However, if we get a credit event things could change.

 

[touchring1]

Looks like 1.32 is the bottom. But the Yuan is still falling. Now 5.22. I believe this is the highest in like 10 years or more. If the Yuan breaks, the dollar will shoot up. So the dollar is now like a hedge against Yuan devaluation which will usher in AFC 2.0.

 

[tangent314]

Lol... USD:SGD I'd consider to be pretty stable for the past 10 or so years.

You should see what it was like in the 1990s and before