5 Singapore’s Best Property Investments for 2023: Where to Find Growth and Income
The Singapore property market has long been a sought-after investment destination, with its stable economy and growing population making it...
Read More
As someone on-the-ground in the real estate industry, it’s inevitable to think about the current state and the future of the property market. I shared that not too long ago, I believed that property prices in Singapore would drop due to the high interest rate environment. However, I eventually realized that the theory of a price crash might not happen.
When I asked my friends and clients to share their views, they had different opinions for the short-term, but over the longer-term, they believe that the property prices in Singapore will continue to rise higher and higher into the future. This sentiment is shared by many, as Singapore has strong fundamentals, making it one of the top countries to live in globally.
According to a research report by DBS in 2018, the average price of a new launch project in Singapore can reach as high as SGD 2,100 per square foot by 2030. This means that a 1,000 square foot new launch project property may cost up to SGD 2.9 million dollars by the year 2030. It’s true that prices of new launch projects in Tanah Merah, for example, have already exceeded SGD 2,000 per square foot, making SGD 2,900 per square foot by the year 2030 a real possibility.
While 2030 is still seven years away, what about 2023? I shared my theory of how 2023 will pan out in a previous article, but it’s just an opinion of one. So, during a Chinese New Year gathering at my place, I came up with the idea of hearing the opinions of my top investor friends.
After requesting their opinions, I invited some of them to talk about the property market for the year 2023 in my home. I found that there are two different schools of thought among my peers. One side believes that moving forward in the year 2023, the market would be very bullish, while the other side thinks that the property market is going to be slightly more muted. The following is a compilation of all of their responses.
One of my friends, thinks that there will be more transactions due to more new launches in the market in 2023. He also believes that there will be a record from all the projects that they have seen because all the land bit prices are going out, among other factors.
Another friend, feels that the market should be quite buoyant in 2023. She thinks that prices will be higher than what buyers have been paying before but will be more worth it to buy now because prices will continue to rise in the future due to a shortage of land sales after the pandemic. She also mentioned that buyers would need bigger spaces, so the bigger units will move, making it more advisable to consider getting bigger units than smaller ones.
Another friend, shared his opinion on the market’s future performance, saying that he expects prices to see some volatility in 2023. He believes that prices will remain strong in the next two to three years, as volumes are starting to return for purchasers. He also mentioned that with more supplies coming in, there will be more choices for consumers and buyers, which will hopefully ease prices.
Another friend, who has been in the industry for 11 years, predicts that the volume will likely be similar to what we saw in 2022, with the CCR, RCR, and OCR markets experiencing upward movements. He believes that with foreigners coming in and new launches, we will see more transactions and price movements in 2023.
Another friend, feels that prices will stabilize in 2023 due to pent-up demand from last year’s lack of supply in the new launch market. He predicts that volume will increase due to high take-up demand in new launches. He hopes that buyers will take advantage of the 15,000 new launches coming out this year and increase transaction volume.
Another friend, predicts that interest rates will stabilize by the end of the year, and the volume will come back again as the developer stocks are at an all-time low. He believes that as developers put their new homes on the market, volume will increase. People will become more certain of the outlook for the years to come and come back into the market. Currently, people are staying on the sidelines, waiting to see what happens with the economy and jobs.
Another friend, predicts that private property transaction volume will remain healthy, but the volume for Singapore HDBs will decrease due to recent measures. He believes that prices will slightly decrease due to buyers being more cautious with the higher interest rate.
Another friend, in her opinion, thinks that transaction volume will slow down due to higher interest rates and cooling measures. She believes that transaction volume will increase in the later part of the year, especially with the new exciting launches. She predicts that prices will stabilize, which is good news, and they will increase at a more steady pace due to the cooling measures implemented last year.
Lastly, another friend, predicts that transaction volume will remain similar to that in 2022. Although there will be new launches coming up, the general transaction volume in 2023 will stay the same. He predicts that prices will increase, but the rate of increment will not be as high as in 2022.
In conclusion, there is a mix of opinions on the Singapore property market in 2023. Some experts believe that transaction volume and prices will remain strong, while others predict a slowdown due to higher interest rates and cooling measures. However, with exciting new launches coming up, many are optimistic that transaction volumes will increase later in the year. Only time will tell what the property market will hold in 2023.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Ready To Make The Jump From HDB To Condo? This Guide Has All The Answers!
Congrats! If you’re reading this article, it's likely that you are taking the next step and upgrading your HDB flat...
Read More
Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB
When it comes to right-sizing, one might think selling a house to buy a resale flat is the natural route....
Read More
Top 5 Reasons : Why Jayson Ang is the Best Property Agent in Singapore. And Why You Should Engage Him Today
In the bustling city-state of Singapore, the real estate market is highly competitive and constantly evolving. Finding the perfect property...
Read More
Singapore’s Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors
Singapore's Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors Here are 5 insider tips for those looking...
Read More
6 Myths About Using Your CPF For Housing
Are you aware of the myths around CPF and how it can help with purchasing a flat? Let us clear...
Read More
How Will Singapore’s Development Influence The Real Estate Markets In Bedok, Changi, Pasir Ris, And Tampines : 2023
It's no surprise that nearly two-thirds of developers predict that there will be an increase in launches in the next...
Read More
Five Pitfalls of Selling a Home for the First Time
Buying and selling a first home is a huge undertaking, both physically and financially. It's normal to feel apprehensive about...
Read More
7 Essential Considerations to Keep in Mind When Assessing a Floor Plan for a New Condominium Development
The floor plan might not be the most appealing aspect of selecting a unit, but its significance is undeniable. It's...
Read More
Here’s How Property Data Can Be Misleading: Navigating Through Common Misunderstandings
Got it in your mind to compare property prices? You might have noticed this funny thing - two different real...
Read More
How to Avoid Forfeiting Your Security Deposit: A Guide to Your Rental Property
Picture this: You're a tenant, and your lease is up. After months of relentless hunting, you've finally found a new...
Read More
Quick Guide for Condo Sellers: Timeline to Sell Condo in 2023
Selling a condominium in Singapore can be more of a challenge than selling an HDB flat, as you are dealing...
Read More
Don’t Get Scammed: The Top 5 Red Flags To Watch Out For In Singapore’s Property Market
Don't Get Scammed: The Top 5 Red Flags To Watch Out For In Singapore's Property Market When it comes to...
Read More
6 Misleading Claims Property Agents Often Make That Savvy Buyers Are Aware Of
Alright, let's talk real estate agents. The majority are straight shooters because they've got a lot riding on their license....
Read More
5 Top Primary Schools in Singapore Popular with Expat Chinese Community
5 Top Primary Schools in Singapore Popular with Expat Chinese Community When it comes to education, Singapore is a top...
Read More
6 Must-Know Factors to Consider When Purchasing a Resale HDB in 2023
Buying A Resale Flat Is A Significant Investment - Make Sure You're Getting Your Money's Worth By Taking Note Of...
Read More
Are We Truly Headed For A Slowdown? How Will This Affect Property Prices?
Recent news paints a grim picture of the current state of the global economy; Covid-19 is still rampant, monkeypox has...
Read More
5 Things to Know About the Singapore Property Tax System
5 Things to Know About the Singapore Property Tax System Here are 5 things you need to know about the...
Read More
3 Trends For New Launch Properties In 2023
I will be discussing new launches for the year 2023. This year, there are approximately 40+ new launches estimated to...
Read More
HDB Market Outlook 2023
Overview The HDB resale market remained resilient in 2022, with more than 24,000 units resold in the first 11 months...
Read More
