Demand for property? Status is definitely a reason.
Status will always be a great mover for demand
With more funds, one would start to think about status. Property is one very good example. The neighbourhood which one stays should reflect one’s current status. The type of property is another one. Even if one may not have been using the swimming pool often, it may be better to buy a bungalow and perhaps have a small pool just in case on some days one is thinking of a dip in the pool.
What one likes versus what one could afford
Just need to remember, buying a property at this level is not about usability / utility only. It’s really just based on what one likes. That same chair which can seat one person? That can be RM50 or it could be RM500 or it could even be some designer themed ones costing 4 figures. Period. This is happening all over the world today. One latest news is about the Good Class Bungalows (GCB) in Singapore. An earlier article here. The demand has been increasing and the price has also been on an uptrend too. The buyers? Read on.
Article in edgeprop.my According to Bloomberg, Singapore’s good class bungalows (GCBs) are seeing a surge in demand. The demand for the properties used to be from conventional business backgrounds such a traders, top lawyers and doctors. Now, they come from non-conventional backgrounds such as start-ups and cryptocurrency and ages ranging between late 30s to 40s.
According to data from Knight Frank, the number of sold units for GCBs has tripled since 2019, to 60. The price for this property segment is expected to increase further as demand increases with Singapore’s new rich population on the rise. In a wealth report published by Knight Frank in 2021, there will be an additional 4,888 people who will have at least US$30 million in assets between 2020 and 2025. There are a lot more details in the article: Article in edgeprop.my
It’s not just bungalows lah
Holding that iPhone would make one feel superior versus the rest using cheaper Android phones. Nope, I am not an iPhone user. Haha. If you read my articles, I am an OPPO supporter and yes, there are many reasons too. Yeah, if you like, feel free to include the reason that I could not afford one. 😛
Driving that Japanese branded segment B car also makes one feel superior to driving a local branded car even if the local branded car is quieter, more comfortable and can take corners better. 😛 My Persona reached the 12 years milestone recently. Have not been paying any installment for it for the past 7 years.
Wearing that T-shirt with a major logo printed on the front has very little to do with the design lah. Imagine another T-shirt with a logo printed in front but the logo is not known at all, do people still want to buy it? This is the world we live in today. We just need to accept or we really do rise above everyone else and then start to have the ‘I like this’ thinking too when we have the funds to back it up.
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Next suggested article: 5 Must-Do steps for property investment.