Get the Ins and Outs of Buying Private Property in Singapore
Buying private property in Singapore requires knowing the market as wise financial sense dictates. Singapore offers investors opportunities to purchase in a buyer’s market. However, learning the nuances of this city’s real estate increases your chance of making a substantial investment and maximising profits.
BUYING PROPERTY IN SINGAPORE
Speculation and hearsay do not make for a wise property purchase. Be sure to research each of the following areas before buying private property in Singapore. An urgency exists to find a property that fits and serves you well given current market conditions.
Price remains a prime factor in housing decisions. Within the Singapore market, greater supply and less demand lead to lower property prices, which mean higher risk, in general.
However, be cautious as other factors (discussed below) affect risk as well. If the property does not prove right by other measures, low rates alone do not support the investment.
Currently, Singapore continues to experience a downturn in the housing market. As a result, property sale prices have declined over the last several years.
This trend means deals for buyers. This fact alone seems to indicate now is the time to look into buying property within this city. However, before you jump, consider the other factors as well.
The location of a property plays significantly into its value, particularly in Singapore. Looking for real estate in popular areas, which receive good publicity, means property value increases when the market goes up.
However, what determines popularity?
Currently, the Singapore market places value on nearby transacted prices, the type of primary school, and well the amenities in a given area.
Singapore maintains a reputation as a well-policed and well-developed city which bodes well for buyers. However, finding property near transportation, good schools, shopping and business opportunities further increase value.
Allow me to help you locate such investments opportunities. For instance, travel to Singapore from suburban areas proves time-consuming and, therefore, less desirable. Also, suburban areas show a decline in profitability.
However, condominiums located in the Core Central Region demonstrate the smallest rental decline and, therefore, prove more favourable for purchase. Moreover, property sales are rising in this region indicating popularity.
Another market nuance includes the expansion of a second central business district (CBD) in the Jurong Lake District. This growth sets up amenities such as transportation and business which are needed to boost popularity.
No matter the purported wisdom of a location, if the property does not serve a buyer well early on, abort! Singapore property sense dictates that an early exit required for success in this market. While the average consumer may lack full knowledge of desirable property locations, I offer expertise and advice to ensure a profitable investment.
Finding the size of property that fits a consumer’s needs and wants may require some hunting. Assistance may be necessary to get creative in the hunt. Still, the decreasing availability of land and housing drives the urgency to purchase.
Also, in private property purchased as a rental, larger square footage remains desirable. As might seem obvious, the larger the home, the more significant the rental fee. However, current housing market conditions in Singapore show a downturn in rental prices no matters the size as a limited pool of renters vies for homes.
These facts support the idea that the combination of an excellent property rate, ideal location, and maximum property size is even more critical to buyers. Researching these values of your accord may prove overwhelming. Ask for help in understanding these nuances and their impact on your opportunities to purchase private property in Singapore.
Buying when the housing market proves uncertain, grants consumers better deals and gets them in before the rush when the economic tides improve. When the majority entertains fear, this indicates the time for the brave to move on property purchases. Today is the case in Singapore; developers are cutting back in their asking price also condos for sales in resale market are seeing reducing in selling prices.
Rumours and speculation abound as to the government’s intent to lift or shift the cooling measures which affect the current housing market will further push back. Once this happens, the market is likely to turn and prove less friendly to buyers.
Also, the risk of rising rates and a further decline in the housing market exists. However, world economy factors such as an increase in the Asian middle-class prompt hope in economic recovery for Singapore. Sure, a risk exists to jump into the deep end of the pool now, but no gain can achieve without it.
Are you still hesitant or do you need more information? I am here to beef up your market know-how and prepare you to jump into the Singapore housing market. Purchasing private property in Singapore even in the current market downturn can be profitable at the right price and in the right location.