During this period, a friend of mine worked half the time and the other half, he was busy speculating and flipping properties. He declared he made more in "flipping" properties than his income from actual professional work during that period.
DIBS induced property boom in the early 2010s
This was driven by massive speculative activities on the back of the Developer Interest Bearing Scheme (DIBS) that was introduced in 2009.
The scheme allowed developers to absorb all the interest costs on mortgages during the construction period. This significantly reduced the cost for house buyers during construction, thereby boosting demand.
Also, developers imputed the additional financing costs into their selling prices, thereby artificially inflating property prices.
The artificially inflated property prices and reduced upfront costs gave buyers (speculators) further leverage and bigger profits on a quick flip of the property upon completion.
Housing quicly became unaffordable
It soon became clear that the steep increase in property prices was a growing problem - housing quickly became unaffordable.
The DIBS scheme was abolished in Budget 2014.
Demand promptly collapsed.
The steep price increases between 2012 and 2015 were in effect pulled forward gains, resulting in stagnant house prices in subsequent years.
It took the property market years to recover from the DIBS bubble burst.
The demand-supply dynamics are finally improving.
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