“And I guess to the extent that in the last couple of years, housing prices went up very sharply, coinciding with the very dramatic turnaround in the economy, I guess that resulted in quite a lot of unhappiness on the ground. And I accept responsibility for that,” Mah Bow Tan said,
He missed out something in the above analysis. In 2009, S’pore had a recession, but property prices rose . Specifically in a recession year, prices of HDB resale flats rose by 8.2%.
This showed that there was a massive inbalance between supply and demand, so much so that despite a recession there was a demand for housing.
