During the worst phase of the pandemic, many people wondered if the property market would come to a screeching halt and result in the greatest fall in prices since the turn of the millennium. However, the market proved to be quite resilient. And this did not come by sheer luck. First, government intervention through stimulus packages and jobs protection aid insulated Singaporeans from the full brunt of the economic slowdown and minimised the number of people affected by retrenchments or business closures. It was reported that around 150,000 jobs will be saved over these two years, with more than half of them by the Jobs Support Scheme. Second, the loan repayment moratorium helped to cushion the shock of job losses and these measures collectively helped prevent the widespread distress sale of homes. Statistics have shown that residential properties make up a large chunk of the Singaporean household balance sheet, with the other components being investments in financial products, insurance and savings. That developers received an extension to project completion times alleviated some of their stress. As a result, the market did not experience mass reduction of prices just to move unit...