MM was quoted as saying, “If the country is going to go down, then economy will go down, people’s incomes will be down, unemployment will be up, then property values will go down.”
He is being modest. We have had a recession, but property prices have been on the rise . He should have said, “We ensure property prices go up even in a recession.” [In 2009, prices of resale flats rose by 8.2% and this in a recession :Addition on 29 Jan 2010]
A few months ago, a terrace house few doors away from my home was sold for $1.45m. The previous transaction along the row was a few years ago at $900,000. This had followed a transaction in 2000 0r 2001 at $950,000.
Well another house along the row is now on the market for $2m.
Thank you PAP.
Note the links were updated on 4 Jan 2010 for various reasons.