Your search results

Navigating Singapore’s Real Estate Market: The Truth Behind 5 Common Misconceptions

Posted by Jayson Ang on March 19, 2024

| 0

The real estate market in Singapore is known for its stability and attractiveness to investors both locally and internationally. However, there are several misconceptions about the market that may prevent potential buyers from taking advantage of the opportunities available.

In this post, we will explore five common misconceptions about Singapore’s real estate market and provide insights to help buyers make informed decisions.

Understanding these misconceptions can help potential buyers avoid making costly mistakes and make the most of the opportunities available in Singapore’s real estate market.

Property prices always go up: While property prices in Singapore have generally trended upwards over the long term, they can also fluctuate based on market conditions. Economic downturns or oversupply can cause property prices to decline, as seen in the 2008 global financial crisis and the recent COVID-19 pandemic. It is important for buyers to consider their financial situation and the overall market conditions before making any investment decisions.
Foreign buyers are driving up property prices: While foreign buyers do play a role in Singapore’s property market, they are subject to additional stamp duties and restrictions compared to Singaporean citizens and permanent residents. For example, foreign buyers are required to pay an additional 20% stamp duty on top of the existing stamp duties, making it less attractive for them to invest in the market. Additionally, Singapore has implemented measures to ensure that locals have priority in purchasing public housing, further reducing the impact of foreign buyers on the market.
Owning private property in Singapore is out of reach for most people: While private properties may be more expensive than public housing, there are various financing options and government schemes available to help eligible homebuyers. For example, the government offers housing grants and subsidies to help with down payments and other related expenses, and banks in Singapore offer various loan options with competitive interest rates. Additionally, some private developers may offer deferred payment schemes or other financing options to make it easier for buyers to afford a private property.
Renting in Singapore is always more expensive than buying: While owning a property may provide long-term financial benefits, it may not always be the most affordable option in the short term. Renting may be a more practical choice for those who do not plan to stay in Singapore for the long term or for those who do not want to take on the responsibilities and expenses associated with property ownership, such as maintenance and repair costs. Additionally, renting can provide more flexibility and freedom to move to different areas or neighborhoods.
Property agents are not necessary or only useful for those who are unfamiliar with the market: While it is possible to navigate the real estate market in Singapore without the help of an agent, a good agent can provide valuable insights and guidance throughout the entire process. For example, they can help buyers identify properties that meet their needs and budget, negotiate on their behalf, and provide legal and financial advice. Additionally, agents may have access to off-market properties or exclusive deals that are not available to the general public.

If you would like to arrange a viewing appointment with us in Singapore, do send us a DM here

And if you want even more tips and advice on investing in the Singapore property market, be sure to follow, like and share, contact us for expert advice, and I’ll see you in the next post!

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 …

Mandarin Top 5

Top 5 Mistakes to Avoid When Investing in Singapore Real Estate

Jayson Ang – October 29, 2024 –

Investing in Singapore's real estate market can be a lucrative venture, given the city-state's status as a global financial hub...

Mandarin Top 5

The Top 5 Reasons To Invest In Singapore Property

Jayson Ang – August 13, 2024 –

Singapore, a small island nation with a thriving economy, has long been considered an attractive destination for property investment. The...

Mandarin Top 5

Top 5 Parks and Nature Reserves to Visit in Singapore

Jayson Ang – February 26, 2024 –

Singapore, often referred to as the "Garden City," is a vibrant and diverse nation that has made significant strides in...

All Buying Tips Selling Tips

Should You Purchase a Small Landed Home or a Larger Condo? Insights from Singaporeans

Jayson Ang – August 5, 2024 –

TLDR When deciding between a compact landed house and a spacious condominium, consider key factors like security, parking, maintenance costs,...

All Selling Tips

Unlock The Secrets To Successfully Selling Your Home In Just 7 Simple Steps!

Jayson Ang – August 1, 2023 –

TLDR When preparing to sell your house in Singapore, research the average prices in your area to set a realistic...

All Blog Posts Buying Tips

4 Simple Strategies to Help Future Homeowners Save Money

Jayson Ang – July 15, 2023 –

TLDR When it comes to being a new homeowner, it's essential to prioritize regular maintenance to avoid costly repairs down...

All Buying Tips Opinion

Craving Dream Homes in the Urban Jungle: The Singaporean Dilemma Unveiled

Jayson Ang – May 10, 2024 –

TLDR The housing landscape in Singapore reflects evolving aspirations and desires, especially among the younger generation. Owning private property is...

Mandarin Top 5

Top 5 Secrets : Foreign Investors Are Rarely Told About Singapore’s Real Estate Market

Jayson Ang – November 19, 2024 –

Singapore's real estate market has been a popular choice for foreign investors due to its stable economy, strategic location, and...

Mandarin Top 5

Top 5 : Best Architectural Marvels in Singapore

Jayson Ang – December 7, 2024 –

Singapore, a vibrant city-state known for its diverse culture and stunning skyline, is also home to some of the most...

All Buying Tips

5 Smart Techniques That Resourceful Homebuyers Utilize to Overcome Restrictions on Home Loans

Jayson Ang – May 16, 2024 –

TLDR When it comes to navigating the complex world of home loans and property acquisition, it's crucial to be aware...

All Buying Tips

Sell High Buy High : Will This Still Make You a Profit?

Jayson Ang – December 7, 2022 –

TL;DR Summary: Timing of Property Sale: Selling high and buying high may seem counterintuitive, but understanding market dynamics can...

All Blog Posts Opinion

Should You Be Upgrading To A Condo In 2023?

Jayson Ang – April 24, 2023 –

TLDR The 2022/23 property market is experiencing high prices, making it challenging for individuals to decide whether to upgrade their...

All Opinion

What’s Needed For Singapore To Lift Those Cooling Measures?

Jayson Ang – February 2, 2024 –

TLDR The blog post discusses the recent relaxation of real estate restrictions in Hong Kong, contrasting with Singapore's stricter regulations....

Mandarin Top 5

5 Reasons : Why Investing In Singapore’s Property Market Can Be A Good Retirement Plan

Jayson Ang – June 22, 2024 –

Investing in Singapore's property market can be a good retirement plan for several reasons. Here are five key factors that...

Mandarin Top 5

5 Cons Of Buying A Resale Property

Jayson Ang – March 7, 2024 –

Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...

All Buying Tips Opinion

I Regret Buying A DBSS: 5 Homeowners Share Their Biggest Regrets

Jayson Ang – January 16, 2024 –

TLDR Singapore's DBSS scheme faced challenges such as design flaws, developer responsiveness issues, and restrictions on selling. Residents reported various...

All Blog Posts Buying Tips

Discover What Else You Can Focus On Beyond PSF – Here’s How!

Jayson Ang – July 17, 2023 –

TLDR When considering real estate investments, factors like property size, location, and PSF play crucial roles in determining affordability. Smaller...