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Property PricesBack to top Back to main Skip to menu
Singapore - Property Prices
Typical prices range anywhere from $250,000-800,000+. Location is very important to Singaporeans and you might find that a larger place in a more isolated location is cheaper than a smaller flat in a more desirable location. It is possible to find cheaper properties, but these might require you to change your desired location and give up some amenities.
Just as with real estate in most markets, pricing is dependent upon many variables, such as location, proximity to the MRT station, amenities, size and condition of the estate, the facilities provided, prevailing market conditions and whether it is a leasehold or freehold property.
Due to the current global credit crunch, property prices in Singapore have dipped slightly, and prices are expected to fall further. The Urban Redevelopment Authority, the government agency responsible for all developmental projects in Singapore, provides useful property market information that is updated every quarter, such as sale prices and rental rates of private properties. The website also provides information about the latest private residential property developments in the pipeline for interested investors or home owners.
On a square foot basis, bungalows tend to be cheaper than condos and apartments, even when they are in the same location. Landed homes can maintain their value more since a bungalow’s value is based primarily on the land it has been constructed on. Apartments and condos, on the other hand, depreciate with age in many cases.
In 2012, the median price of non-landed resale homes rose by 7% to SG$1,031 per sq. ft. Conversely, the median price for new homes fell by 3% to SG$1,144 per sq. ft over the same period. Home prices continue to rise at the upper-end of the market. Still, prices are 8% lower than they were at their peak prices of SG$2,495 per sq. ft. reached in 2007. In addition, in 2012, in the Core Central Region, prices of non-landed private residential properties rose by only 0.6% while in the rest of the Central Region they didn’t change at all.
Singapore is considered to have one of the most successful home-ownership programs in the world. As a result, the rental sector is small and mostly serves expats. In addition, HDB owns more than 80% of the rental units. In a recent boom, the increase of expatriates caused rents to rise faster than property prices. For instance, from 2004 to 2008, the residential rental index rose by 82% while the actual price index only rose by 58%.
Of Singapore’s 5 million residents, about 64% are Singaporean citizens, while 11% are permanent residents, and the other 25% are expats. Singapore has the sixth-highest percentage of foreigners in the world with almost half being foreigners. As a result, foreign property buyers are important in Singapore. Most foreigners end up buying property if they are going to be there for more than a few years.
Read more about this country
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