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Why $2,000 Psf Seems Reasonable Today: The Psychological Quirks Of Price Anchoring In Singapore Real Estate

Why $2,000 Psf Seems Reasonable Today: The Psychological Quirks Of Price Anchoring In Singapore Real Estate

In a market where property prices have skyrocketed, the concept of paying $2,000 per square foot may seem reasonable to many in Singapore. This phenomenon can be attributed to the psychological quirks of price anchoring, where individuals tend to rely heavily on initial information when making judgments. As buyers witness soaring prices, $2,000 psf becomes an anchored figure, making it appear rational and acceptable. With the dynamics of the real estate industry continually evolving, understanding such psychological biases is crucial for both buyers and sellers alike.