Just because people want to stay in Singapore doesn't mean it's going to happen. In fact, it's pretty clear that inflows have been pinched to a mere trickle already.
What we need to understand is that the fat
property years are well and truly behind us. Going from a couple of million people to 6 million invariably involved rising real estate prices. Huge demand, so-so supply mah.
However, going forward, population growth - if any at all - will remain minimal/negligible.
Meanwhile, the property ecosystem lags behind the curve, due to their typically pretty long operating horizon; the overhang, for instance, is still hugemongous.
In addition, they tend to do everything they can do keep pricing artificially sticky during downturns, usually with freebies and other incentives. While stocks last
I reckon whichever way you slice it, it's lean years lai liao leh.