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 …
Jayson Ang – March 2, 2023 – Share
TLDR When considering purchasing an older resale condo, ensure you investigate potential en-bloc bids, lift conditions, parking conveniences, playground safety,...
Read More
Jayson Ang – July 2, 2024 – Share
Singapore, a melting pot of cultures and culinary delights, is known for its mouth-watering food scene. From hawker centers to...
Read More
Jayson Ang – March 5, 2024 – Share
Singapore, a bustling city-state known for its stunning architecture and diverse culture, is also a paradise for luxury shopping enthusiasts....
Read More
Jayson Ang – October 11, 2024 – Share
Singapore, a vibrant city-state known for its iconic landmarks and diverse culture, offers a plethora of accommodation options for travelers....
Read More
Jayson Ang – March 29, 2024 – Share
Investing in property is a popular option in Singapore, with many investors seeing it as a lucrative way to build...
Read More
Jayson Ang – March 13, 2024 – Share
With a highly competitive property market, it's crucial to choose a property developer that you can trust to deliver quality...
Read More
Jayson Ang – July 28, 2024 – Share
TLDR Understanding the nuances of the HDB property market in Singapore, especially the trend of million-dollar flats, requires a deep...
Read More
Jayson Ang – November 17, 2024 – Share
Singapore's property market has been a hot topic of discussion for many years, with its resilience and growth attracting both...
Read More
Jayson Ang – December 7, 2022 – Share
TL;DR Summary: Timing of Property Sale: Selling high and buying high may seem counterintuitive, but understanding market dynamics can...
Read More
Jayson Ang – January 4, 2024 – Share
TLDR This blog post delves into various aspects of the Singapore property market, including topics such as decoupling, 99-1 property...
Read More
Jayson Ang – October 29, 2024 – Share
Investing in Singapore's real estate market can be a lucrative venture, given the city-state's status as a global financial hub...
Read More
Jayson Ang – February 1, 2025 – Share
Singapore's high-end rental market has been a hot topic of discussion among investors worldwide. With the city-state's robust economy, excellent...
Read More
Jayson Ang – November 24, 2023 – Share
TLDR The real estate market is experiencing a lull in en-bloc activities due to various factors. Higher Additional Buyer’s Stamp...
Read More
Jayson Ang – March 13, 2025 – Share
Singapore, a city-state in Southeast Asia, is known for its rich cultural heritage, diverse population, and vibrant food scene. This...
Read More
Jayson Ang – July 12, 2024 – Share
When looking to buy a property in Singapore, it's essential to know how to negotiate a good deal. Here are...
Read More
Jayson Ang – December 17, 2022 – Share
Lately, there has been an increase in scams related to real estate. Scammers are pretending to be real estate agents...
Read More
Jayson Ang – May 28, 2024 – Share
Durian, often referred to as the "King of Fruits," is a unique and polarizing delicacy in Southeast Asia. With its...
Read More
Jayson Ang – March 2, 2024 – Share
Singapore is renowned for its thriving real estate market, with many desirable neighborhoods and top-notch properties. However, when it comes...
Read More
Jayson Ang – March 6, 2025 – Share
TLDR In Singapore, while the majority aspire to own homes, a small segment opts for lifelong renting, driven by personal...
Read More
Jayson Ang – September 16, 2024 – Share
In today's uncertain global economic climate, investors are constantly on the lookout for safe havens to park their wealth. Amidst...
Read More
