During the Global Financial Crisis in 2007 to 2008, URA overall private residential price index fell 24.9% over 4 consecutive quarters. With the Covid-19 situation turning into a pandemic, first quarter 2020 registered a mere 1.2% decline comparing with last quarter. Analysts are expecting prices to be more resilient when compared to previous recession due to the unveiling of several massive resilience packages to support workers, companies, property owners etc.
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