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Property and banking market heading ‘into uncharted territory’: DBS

Fresh property news selection on July 31. 2020, Friday.

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Analysts are predicting an uncertain future for the property and banking sectors for the rest of 2020 and into 2021.

07.31.

DBS analysts Lim Rui Wen and Derek Tan expects job losses and resident unemployment rate to hit a high of around 98,000 and 4.2% by end-2020 respectively, as Singapore’s economy is expected to post its steepest contraction due to the COVID-19 pandemic.

This will continue to weigh on the outlook for the property market and banking sectors, especially with government job support measures ending by 3Q20. Further macroeconomic data points such as potential structural job changes post COVID-19 and future tightening of foreign policies impacting the rental market will be keenly watched.

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