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

5 Dangerous Ideas Singapore Property Investors Have

Jayson Ang – September 2, 2024 –

Singapore's property market has always been a hot topic among investors, both local and international. With its strong economy, stable...

All Buying Tips Opinion

2024 Will Be A Buyers Market

Jayson Ang – January 23, 2024 –

TLDR 2023 saw a roller-coaster ride in the real estate market, with various challenges like high interest rates and geopolitical...

All Blog Posts Opinion

When Should You Consider a Shorter/Longer Home Tenure?

Jayson Ang – May 8, 2023 –

TLDR Understanding the benefits of long-term home loans is crucial for financially conservative individuals in Singapore. Opting for a longer...

Mandarin Top 5

Singapore’s Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors

Jayson Ang – May 29, 2023 –

Singapore's Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors Here are 5 insider tips for those looking...

All Buying Tips

Thinking About Investing In An Old Landed Property In Singapore? 7 Crucial Tips To Keep In Mind Before You Make Your Move

Jayson Ang – April 8, 2024 –

TLDR Older properties come with unique challenges due to outdated design elements, potential roofing issues, odd land shapes, basement drawbacks,...

All

Find Your Dream Home: Top 5 Property Investments for Families in Singapore

Jayson Ang – March 22, 2024 –

As one of the most prosperous countries in the world, Singapore is an attractive destination for families looking to invest...

Mandarin Top 5

5 Insider Tips From Real Estate Experts On How To Get The Best Deal On Property In Singapore

Jayson Ang – March 16, 2024 –

Investing in property can be a great way to build wealth and secure your financial future. However, with Singapore's highly...

All Buying Tips

Rising Interest Rates : A Cause for Concern?

Jayson Ang – December 7, 2022 –

TLDR In 2021, the real estate market saw a surge in demand due to low interest rates and supply chain...

All Blog Posts Buying Tips

6 Essential Tips for Singaporean New Homebuyers

Jayson Ang – March 29, 2023 –

TLDR Best practices for first-time homebuyers, the key points include setting clear and detailed goals, planning a realistic housing budget,...

Mandarin Top 5

5 Points : Singapore’s Property Market vs. Stock Market: Which is the Better Investment Option?

Jayson Ang – April 2, 2024 –

Investing is an important aspect of personal finance and can be a valuable way to grow wealth over time. However,...

Mandarin Top 5

Discover the Best Breakfast in Singapore: Top 5 Must-Try Spots!

Jayson Ang – February 28, 2024 –

Trying out some of the best breakfast places, I've put together a list of the top 5 must-try breakfast spots...

Mandarin Top 5

Top 5 Luxury Dining Experiences in Singapore

Jayson Ang – July 8, 2024 –

Singapore, known as the Lion City, is a melting pot of cultures, cuisines, and luxury experiences. With its rich history,...

All Buying Tips Opinion

7 Frequently Overlooked Questions That New Condo Buyers Should Ask At The Showflat To Avoid Any Regrets In The Future!

Jayson Ang – January 29, 2024 –

TLDR Newly launched condominium buyers face uncertainties about price changes, proximity to schools, construction methods, maintenance costs, elevator availability, commercial...

Buying Tips Mandarin Top 5

Investment 101: The Top 5 Best Long-Term Values In Singapore’s Property Market

Jayson Ang – July 10, 2023 –

Investment 101: The Top 5 Best Long-Term Values In Singapore's Property Market When it comes to purchasing property in Singapore,...

Mandarin Top 5

Why Property Investing is the Key to Early Retirement in Singapore

Jayson Ang – April 28, 2024 –

Investing in property is a popular way to build wealth and achieve financial freedom in Singapore. With the right strategies...

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...