Referring to 'normal' property for most people ie residential.This not dominated by global players (as in stocks), business cycle as much. Ordinary people look at wage (growth and job stability), price of property and cost (interest). So far fundamentally these are all OK (esp for HDB - this is real people or owner occupier).SG different to most markets as private end is very much expat/investment/rental end, and more sensitive business cycle/uncertainty